Take me to the text Below is a list of accounts and balances for Beach Wear Inc. for the year ending May 31, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $9,600 Accounts Receivable $12,700 Accumulated Depreciation $1,200 Advertising Expense $1,300 Cash $20,800 Cash Dividends $3,800 Common Shares $14,900 Cost of Goods Sold $18,960 Depreciation Expense-Office Equipment $110 Depreciation Expense-Store Equipment $800 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $1,600 Income from Operating Discontinued Operations $8,300 Interest Expense $1,000 Merchandise Inventory $19,800 Miscellaneous Administrative Expenses $550 Notes Payable $20,000 Office Salaries Expense $1,400 Prepaid Insurance $1,500 Property, Plant and Equipment $25,000 Rent Expense-Office $670 Rent Expense-Retail $1,390 Retained Earnings (beginning balance) $15,532 Sales Salaries Expense $3,000 Sales Discounts $1,200 Sales Returns and Allowances $590 Sales Revenue $47,400 Unearned Revenue $1,200 Unlimited common shares are authorized and 2,320 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by May 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 May 31, 2020. Sales Revenue (net) Cost of Goods Sold Gross Profit Beach Wear Inc. Statement of Comprehensive Income For the Year Ended May 31, 2020 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 47400 18960 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 May 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 May 31, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended May 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 May 31, 2020. Beach Wear Inc. Statement of Financial Position As at May 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 Common Shares, unlimited authorized, issued 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 Liabilities Total Equity and Liabilities Check