Beach Wear Inc Income Statement For the Year Ended July 31, 2020 Sales Revenue Less: Sales Returns and Allowances Loss Sales Discounts Net Sales Cost of Goods Sold Grass Profit Operating Expenses Selling Expenses Depreciation Expense-Retail Equipment Advertising Expense Rent Expense-Retail Sales Salaries Expense Total Selling Expenses Ariris|rti EX 611 616 Below is a list of accounts and balances for Beach Wear Inc for the year ending July 31, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows APSE. Assume a tax rate of 25%. Account Title Balance Accounts Payable $20.900 Accounts Receivable $23,900 Accumulated Depreciation $8.200 Advertising Expense $17,000 Cash $19,900 Common Shares $1,100 Cost of Goods Sold $40,900 Depreciation Expense-Office Equipment $3,700 Depreciation Expense-Retail Equipment $4,500 Equipment $50,600 Gain on Sale of Assets $2,400 Gain on Sale of Discontinued Operations $13,300 Income Tax Benefit $11,525 Interest Expense $5,500 Interest Payable $3,100 Loss from Operating Discontinued Operations $29,200 Merchandise Inventory $25,900 Notes Payable $46,700 Office Salaries Expense $10,700 Preferred Shares $5,500 Prepaid Insurance $9,000 Rent Expense-Office $10,600 Rent Expense-Retail $19,400 Retained Earnings $46,575 Salaries Payable $9,100 Sales Discounts $11,900 Sales Salaries Expense $20,700 Sales Returns and Allowances $3,500 Sales Revenue $115,800 Contact Unearned Revenue $22,700 Depreciation Expense-Office Equipment Rent Expense-Office Office Salaries Expense Total Administrative Expenses Total Operating Expenses "Income Loss) from Operations Other Income and Expenses Gain on Sales of Assets *interest Expense "Income (Lassfrom before Income Tax Benefit (Expense) Income Tax Benefit Expense) *income (Loss) from Continuing Operations Discontinued Operations Gain on Sales of Discontinued Operations (net of tax) "Less from Operating Discontinued Operations (net of tax! *Net Income (Lass)