Below is a list of accounts and balances for Beach Wear Inc. for the year ending May 31, 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 $9,600 Accounts Receivable $12,700 Accumulated Depreciation $1,200 Advertising Expense $1,300 Cash $20,800 Cash Dividends $3,800 Common Shares $14,900 Cost of Goods Sold $18,960 Depreciation Expense-Office Equipment $110 Depreciation Expense-Store Equipment $800 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $1,600 Income from Operating Discontinued Operations $8,300 Interest Expense $1,000 Merchandise Inventory $19,800 Miscellaneous Administrative Expenses $550 Notes Payable $20,000 Office Salaries Expense $1,400 Prepaid Insurance $1,500 Property, Plant and Equipment $25,000 Rent Expense-Office $670 Rent Expense-Retail $1,390 Retained Earnings (beginning balance) $15,532 Sales Salaries Expense $3,000 Sales Discounts $1,200 Sales Returns and Allowances $590 Sales Revenue $47,400 Unearned Revenue $1,200 Notes: Unlimited common shares are authorized and 2,320 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by May 31, 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 May 31, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended May 31, 2020 Sales Revenue (net) Answer 45610 Cost of Goods Sold Answer 18960 Gross Profit Answer 26650 Selling Expenses Answer 6490 Administrative Expenses Answer 2730 Operating Profit Answer 17430 Finance Costs Answer 1000 Profit before Income Tax Answer 16430 Income Tax Expense Answer 3286 Profit for the Year from Continuing Operations Answer 13144 Profit for the Year from Discontinued Operations Answer 7920 Profit for the Year Answer 21064 Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) Answer 104 Total Comprehensive Income Answer 21168 b) Prepare a statement of changed in equity for the year ended May 31, 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 May 31, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended May 31, 2020 Common Shares Retained Earnings Reserves Total Equity Opening Balance Answer Answer Answer Profit for the Year/Net Income Answer Answer Other Comprehensive Income Foreign Currency Translation Adjustments Answer Answer Total Comprehensive Income Answer Answer Answer Transactions with Owners Dividends on Common Shares Answer Answer Total Transactions with Owners Answer Answer Closing Balance Answer Answer Answer Answer c) Prepare a statement of financial position as at May 31, 2020. Beach Wear Inc. Statement of Financial Position As at May 31, 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