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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

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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) 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 Flip Flop 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 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) 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 Flip Flop 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

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