Take me to the text Below is a list of accounts and balances for FlipFlop Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. FlipFlop Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question Account Title Balance Accounts Payable $8,800 Accounts Receivable $12,100 Accumulated Depreciation $1,300 Advertising Expense $1,100 Cash $20,800 Cash Dividends $3,900 Common Shares $8,900 Cost of Goods Sold $16,160 Depreciation Expense-Office Equipment $90 Depreciation Expense-Store Equipment $900 Gain on Foreign Currency Translation Adjustments $290 Gain on Sale of Discontinued Operations $1,700 Income from Operating Discontinued Operations $8.500 Gain on Foreign Currency Translation Adjust Gain on Sale of Discontinued Operations $1,700 Income from Operating Discontinued Operations $8,500 Interest Expense $1,150 Merchandise Inventory $20,000 Miscellaneous Administrative Expenses $440 Notes Payable $23,000 Office Salaries Expense $1,500 Prepaid Insurance $1,600 Property, Plant and Equipment $28,800 Rent Expense-Office $650 Rent Expense-Retail $1,330 Retained Earnings (beginning balance) $25,652 Sales Salaries Expense $2,900 Sales Discounts $1,100 Sales Returns and Allowances $1,010 Sales Revenue $40,400 Unearned Revenue $1,500 Notes: Unlimited common shares are authorized and 2,280 have been issued and are currently outstanding, The notes payable is payable over 5 years and $4,600 will be paid by December 31, 2021 Notes: Unlimited common shares are authorized and 2,280 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,600 will be paid by December 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 December 31, 2020. FlipFlop Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue (net) Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Operating Profit Finance Costs Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Operating Profit Finance Costs 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 December 31, 2020. There was no opening balance in the accumulated other income account and Flip Flop Inc. did not issue any new common shares in the fiscal year ended December 31, 2020 Flip Flop Inc. Statement of Changed in Equity For the Year Ended December 31, 2020 Common Shares Retained Earnings Reserves Total Equity Opening Balance Profit for the Year/Net Income Other Comprehensive Income Foreign Currency Translation Adjustments 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 December 31, 2020. Flip Flop Inc. Statement of Financial Position As at December 31, 2020 Assets Long-Term Assets Property, Plant and Equipment (net) Total Long-Term Assets Current Assets Prepaid Insurance Merchandise Inventory Accounts Receivable Cash Total Current Assets Total Assets Equity Attributable to Owners Equity Attributable to Owners issued Common Shares, unlimited authorized, Retained Earnings 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 abilities 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 Equity and liabilities