Below is a list of accounts and balances for FlipFlop Inc. for the year ending August 31, 2020. All balances are in thousands of dollars. FlipFlop Inc. follows IFRS. Assume a tax rate of 15%. Exclude the presentation of earnings per share for this question.

Account Title	Balance
Accounts Payable	$8,800
Accounts Receivable	$12,200
Accumulated Depreciation	$1,500
Advertising Expense	$1,300
Cash	$20,300
Cash Dividends	$3,200
Common Shares	$14,600
Cost of Goods Sold	$23,120
Depreciation Expense-Office Equipment	$90
Depreciation Expense-Store Equipment	$600
Gain on Foreign Currency Translation Adjustments	$200
Gain on Sale of Discontinued Operations	$1,700
Income from Operating Discontinued Operations	$8,000
Interest Expense	$1,000
Merchandise Inventory	$17,900
Miscellaneous Administrative Expenses	$520
Notes Payable	$20,000
Office Salaries Expense	$1,700
Prepaid Insurance	$1,500
Property, Plant and Equipment	$28,800
Rent Expense-Office	$580
Rent Expense-Retail	$1,080
Retained Earnings (beginning balance)	$8,373
Sales Salaries Expense	$1,900
Sales Discounts	$1,000
Sales Returns and Allowances	$660
Sales Revenue	$57,800
Unearned Revenue	$1,600

Notes: Unlimited common shares are authorized and 2,230 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by August 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 August 31, 2020.

FlipFlop Inc.
Statement of Comprehensive Income
For the Year Ended August 31, 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 August 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 August 31, 2020.

FlipFlop Inc.
Statement of Changed in Equity
For the Year Ended August 31, 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 August 31, 2020.

FlipFlop Inc.
Statement of Financial Position
As at August 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