Below is a list of accounts and balances for Sandals Inc. for the year ending October 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 15%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $9,600 Accounts Receivable $12,100 Accumulated Depreciation $1,300 Advertising Expense $1,500 Cash $20,800 Cash Dividends $4,400 Common Shares $12,200 Cost of Goods Sold $19,760 Depreciation Expense-Office Equipment $100 Depreciation Expense-Store Equipment $700 Gain on Foreign Currency Translation Adjustments $300 Gain on Sale of Discontinued Operations $2,200 Income from Operating Discontinued Operations $7,800 Income from Operating Discontinued Operations $7,800 Interest Expense $1,000 Merchandise Inventory $18,600 Miscellaneous Administrative Expenses $490 Notes Payable $20,000 Office Salaries Expense $2,000 Prepaid Insurance $1,100 Property, Plant and Equipment $30,000 Rent Expense-Office $490 Rent Expense-Retail $1,360 Retained Earnings (beginning balance) $18,037 Sales Salaries Expense $2,300 Sales Discounts $900 Sales Returns and Allowances $790 Sales Revenue $49,400 Unearned Revenue $1,800 Unearned Revenue $1,800 Notes: Unlimited common shares are authorized and 2,760 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by October 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 October 31, 2020. Sandals Inc. Statement of Comprehensive Income For the Year Ended October 31, 2020 Sales Revenue (net) Sandals Inc. Statement of Comprehensive Income For the Year Ended October 31, 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 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 October 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 October 31, 2020. Sandals Inc. Statement of Changed in Equity For the Year Ended October 31, 2020 Common Retained Reserves Shares Earnings Total Equity Opening Balance Profit for the Year/Net Income Other Comprehensive Income Foreign Currency Translation Adjustments Total Comprehensive Income 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 October 31, 2020. Sandals Inc. Statement of Financial Position As at October 31, 2020 Assets Long-Term Assets Property, Plant and Equipment (net) Total Long-Term Assets Current Assets Prepaid Insurance Merchandise Inventory Accounts Receivable Cash 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 Reserves Total Equity Attributable to Owners Liabilities Long-Term Liabilities Not answe The correct answe 49 Mark 0.00 out of Notes Payable, Long-Term Portion Total Long-Term Liabilities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Total Liabilities 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 Long-Term Liabilities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Total Liabilities Total Equity and Liabilities