Below is a list of accounts and balances for Beach Wear Inc. for the year ending November 30, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 15%. Exclude the presentation of earnings per share for this question.

Account Title	Balance
Accounts Payable	$9,100
Accounts Receivable	$13,500
Accumulated Depreciation	$1,200
Advertising Expense	$1,500
Cash	$19,300
Cash Dividends	$4,600
Common Shares	$8,900
Cost of Goods Sold	$21,080
Depreciation Expense-Office Equipment	$80
Depreciation Expense-Store Equipment	$600
Gain on Foreign Currency Translation Adjustments	$130
Gain on Sale of Discontinued Operations	$1,800
Income from Operating Discontinued Operations	$9,000
Interest Expense	$1,050
Merchandise Inventory	$18,700
Miscellaneous Administrative Expenses	$590
Notes Payable	$21,000
Office Salaries Expense	$1,800
Prepaid Insurance	$1,300
Property, Plant and Equipment	$24,100
Rent Expense-Office	$510
Rent Expense-Retail	$1,250
Retained Earnings (beginning balance)	$13,690
Sales Salaries Expense	$2,300
Sales Discounts	$1,200
Sales Returns and Allowances	$600
Sales Revenue	$52,700
Unearned Revenue	$1,200

Notes: Unlimited common shares are authorized and 2,340 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,200 will be paid by November 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 November 30, 2020.

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

b) Prepare a statement of changed in equity for the year ended November 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 November 30, 2020.

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

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

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

Below is a list of accounts and balances for Beach Wear Inc. for the year ending November 30, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 15%. Exclude the presentation of earnings per share for this question. $1,800 Account Title Balance Accounts Payable $9,100 Accounts Receivable $13,500 Accumulated Depreciation $1,200 Advertising Expense $1,500 Cash $19,300 Cash Dividends $4,600 Common Shares $8,900 Cost of Goods Sold $21,080 Depreciation Expense-Office Equipment $80 Depreciation Expense-Store Equipment $600 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations Income from Operating Discontinued Operations $9,000 Interest Expense $1,050 Merchandise Inventory $18,700 Miscellaneous Administrative Expenses $590 Notes Payable $21,000 Office Salaries Expense $1,800 Prepaid Insurance $1,300 Property, Plant and Equipment $24,100 Rent Expense-Office $510 Rent Expense-Retail $1,250 Retained Earnings (beginning balance) $13,690 Sales Salaries Expense $2,300 Sales Discounts $1,200 Sales Returns and Allowances $600 Sales Revenue $52,700 Unearned Revenue $1,200 a) Prepare a statement of comprehensive income by function for the year ended November 30, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended November 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 November 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 November 30, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended November 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 November 30, 2020. Beach Wear Inc. Statement of Financial Position As at November 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, 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