Below is a list of accounts and balances for FlipFlop Inc. for the year ending June 30, 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 TitleBalanceAccounts Payable$9,100Accounts Receivable$13,900Accumulated Depreciation$1,500Advertising Expense$1,500Cash$20,200Cash Dividends$3,500Common Shares$10,600Cost of Goods Sold$17,240Depreciation Expense-Office Equipment$80Depreciation Expense-Store Equipment$700Gain on Foreign Currency Translation Adjustments$260Gain on Sale of Discontinued Operations$1,800Income from Operating Discontinued Operations$7,200Interest Expense$1,000Merchandise Inventory$18,300Miscellaneous Administrative Expenses$570Notes Payable$20,000Office Salaries Expense$1,300Prepaid Insurance$1,300Property, Plant and Equipment$26,400Rent Expense-Office$650Rent Expense-Retail$1,150Retained Earnings (beginning balance)$21,691Sales Salaries Expense$3,000Sales Discounts$1,000Sales Returns and Allowances$1,100Sales Revenue$43,100Unearned Revenue$1,100

Notes:

Unlimited common shares are authorized and 2,300 have been issued and are currently outstanding.

The notes payable is payable over 5 years and $4,000 will be paid by June 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 June 30, 2020.

FlipFlop Inc.Statement of Comprehensive IncomeFor the Year Ended June 30, 2020Sales Revenue (net)Answer

Cost of Goods SoldAnswer

Gross ProfitAnswer

Selling ExpensesAnswer

Administrative ExpensesAnswer

Operating ProfitAnswer

Finance CostsAnswer

Profit before Income TaxAnswer

Income Tax ExpenseAnswer

Profit for the Year from Continuing OperationsAnswer

Profit for the Year from Discontinued OperationsAnswer

Profit for the YearAnswer

Other Comprehensive Income, Net of TaxGain on Foreign Currency Translation Adjustments (net of tax)Answer

Total Comprehensive IncomeAnswer

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

FlipFlop Inc.Statement of Changed in EquityFor the Year Ended June 30, 2020Common SharesRetained EarningsReservesTotal EquityOpening BalanceAnswer

Answer

Answer

Profit for the Year/Net IncomeAnswer

Answer

Other Comprehensive IncomeForeign Currency Translation AdjustmentsAnswer

Answer

Total Comprehensive IncomeAnswer

Answer

Answer

Transactions with OwnersDividends on Common SharesAnswer

Answer

Total Transactions with OwnersAnswer

Answer

Closing BalanceAnswer

Answer

Answer

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

FlipFlop Inc.Statement of Financial PositionAs at June 30, 2020AssetsLong-Term AssetsProperty, Plant and Equipment (net)Answer

Total Long-Term AssetsCurrent AssetsPrepaid InsuranceAnswer

Merchandise InventoryAnswer

Accounts ReceivableAnswer

CashAnswer

Total Current AssetsAnswer

Total AssetsAnswer

Equity Attributable to OwnersCommon Shares, unlimited authorized,Answer

issuedAnswer

Retained EarningsAnswer

ReservesAnswer

Total Equity Attributable to OwnersAnswer

LiabilitiesLong-Term LiabilitiesNotes Payable, Long-Term PortionAnswer

Total Long-Term LiabilitiesAnswer

Current LiabilitiesAccounts PayableAnswer

Unearned RevenueAnswer

Notes Payable, Current PortionAnswer

Total Current LiabilitiesAnswer

Total LiabilitiesAnswer

Total Equity and LiabilitiesAnswer