Golden Goods Ltd is a Canadian importer that does business around the world. To obtain credit to do business in other countries, it has to present its financial statements to suppliers, who assess the statements and decide whether to extend credit to Golden Because of this, Golden prepares its financial statements using IFRS. IFRS MINI-CASE Preparing financial statements under IFRS your task as an employee of Golden Goods Ltd. is to complete two key financial statements Required 1. Calculate the missing amounts to complete the Golden Goods Ltd. income statement Show your calculations. GOLDEN GOODS LTD. Income Statement For the Year Ended December 31, 2017 $800,000 380.000 to listed individual com 342,000 b $80,000 (20,000) 51,000 Sales revenue Cost of goods sold Gross margin Operating expenses (listed individually) Operating income Other gains (losses) Gain on sale of land Loss due to labour dispute Income from continuing operations before income tax Income tax expense Income from continuing operations Discontinued operations Operating loss, $60,000, plus income tax saving of 521,000 Gain on disposal, $21,000, less income tax of $7,000 Net income Eamings per common share (20,000 shares outstanding): Income from continuing operations Income from discontinued operations f 14,000 & $ Net income Q5 IFRS Mini-Case Page 833 20 Marks (25-30 min.) Reg.1 Put there is you GOLDEN GOOOLTO Income Statement For the Year Ended December 31, 2017 Sales revenue 5800,000 Cost of goods sold 399.000 LLE Operating expensested in Operating income Other gains (es) Gain on sale of land $80,000 Loss duespude 20.000 Income from coming operations before income tax Income tax capere 51.000 Income from continuing operations Discontinued Operations Operating loss. 160.000 plus income tax saving of $21.000 Oanons 121.000, less income of 14.00 Netcome Emine per common share: 20.000 whares outstanding Income from continuing operations Income from discontinued curations Natcome TRUS Reg 2 Golden GL Statement of Changes in For the Year End December 31, 2017 Contributed Surplus Common Retained Shares Repurchases Earnings Bano December 31, 2016 A nuance of shares Netcome R Cash dividende c Repurchase of commons TOO D Total Shareholders Equity 5400 000 E B F G