Below is a list of accounts and balances for Beach Wear Inc. for the year ending April 30, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question.

Account Title	Balance
Accounts Payable	$9,200
Accounts Receivable	$13,200
Accumulated Depreciation	$1,200
Advertising Expense	$1,500
Cash	$20,500
Cash Dividends	$4,900
Common Shares	$14,800
Cost of Goods Sold	$20,400
Depreciation Expense-Office Equipment	$80
Depreciation Expense-Store Equipment	$700
Gain on Foreign Currency Translation Adjustments	$250
Gain on Sale of Discontinued Operations	$1,800
Income from Operating Discontinued Operations	$7,500
Interest Expense	$1,100
Merchandise Inventory	$17,500
Miscellaneous Administrative Expenses	$510
Notes Payable	$22,000
Office Salaries Expense	$1,200
Prepaid Insurance	$1,100
Property, Plant and Equipment	$26,500
Rent Expense-Office	$520
Rent Expense-Retail	$1,260
Retained Earnings (beginning balance)	$11,868
Sales Salaries Expense	$2,600
Sales Discounts	$1,200
Sales Returns and Allowances	$690
Sales Revenue	$51,000
Unearned Revenue	$1,600

Notes: Unlimited common shares are authorized and 2,760 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,400 will be paid by April 30, 2021. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Do not use the negative sign for any values. a) Prepare a statement of comprehensive income by function for the year ended April 30, 2020.

Beach Wear Inc.
Statement of Comprehensive Income
For the Year Ended April 30, 2020
Sales Revenue (net)
Cost of Goods Sold
Gross Profit
Selling Expenses
Administrative Expenses
Operating Profit
Finance Costs
Profit before Income Tax
Income Tax Expense
Profit for the Year from Continuing Operations
Profit for the Year from Discontinued Operations
Profit for the Year
Other Comprehensive Income, Net of Tax
Gain on Foreign Currency Translation Adjustments (net of tax)
Total Comprehensive Income

b) Prepare a statement of changed in equity for the year ended April 30, 2020. There was no opening balance in the accumulated other income account and FlipFlop Inc. did not issue any new common shares in the fiscal year ended April 30, 2020.

Beach Wear Inc.
Statement of Changed in Equity
For the Year Ended April 30, 2020
	Common Shares	Retained Earnings	Reserves	Total Equity
Opening Balance
Profit for the Year/Net Income
Other Comprehensive Income
Foreign Currency Translation Adjustments
Total Comprehensive Income
Transactions with Owners
Dividends on Common Shares
Total Transactions with Owners
Closing Balance

c) Prepare a statement of financial position as at April 30, 2020.

Beach Wear Inc.
Statement of Financial Position
As at April 30, 2020
Assets
Long-Term Assets
Property, Plant and Equipment (net)
Total Long-Term Assets
Current Assets
Prepaid Insurance
Merchandise Inventory
Accounts Receivable
Cash
Total Current Assets
Total Assets
Equity Attributable to Owners
Common Shares, unlimited authorized, Answer issued
Retained Earnings
Reserves
Total Equity Attributable to Owners
Liabilities
Long-Term Liabilities
Notes Payable, Long-Term Portion
Total Long-Term Liabilities
Current Liabilities
Accounts Payable
Unearned Revenue
Notes Payable, Current Portion
Total Current Liabilities
Total Liabilities
Total Equity and Liabilities