Take me to the text

Below is a list of accounts and balances for FlipFlop Inc. for the year ending August $31,2023.$ All balances are in thousands of dollars. FlipFlop Inc. follows IFRS. Assume a tax rate of $25\%.$ Exclude the presentation of earnings per share for this question.

Account Title Balance

Accounts Payable $$8,700$

Accounts Receivable $$13,400$

Accumulated Depreciation $$1,100$

Advertising Expense $$1,400$

Cash $$20,200$

Cash Dividends $$3,700$

Common Shares $$14,700$

Cost of Goods Sold $$22,480$

Depreciation Expense$-$Office Equipment $$60$

Depreciation Expense$-$Store Equipment $$800$

Gain on Foreign Currency Translation Adjustments $$200$

Gain on Sale of Discontinued Operations $$1,800$

Income from Operating Discontinued Operations $$7,500$

Interest Expense $$1,000$

Merchandise Inventory $$19,600$

Miscellaneous Administrative Expenses $$430$

Notes Payable $$20,000$

Office Salaries Expense $$1,900$

Prepaid Insurance $$1,200$

Property, Plant and Equipment $$27,100$

Rent Expense$-$Office $$450$

Rent Expense$-$Retail $$1,160$

Retained Earnings $($beginning balance$)$ $$15,275$

Sales Salaries Expense $$2,000$

Sales Discounts $$1,000$

Sales Returns and Allowances $$720$

Sales Revenue $$56,200$

Unearned Revenue $$1,200$

Notes:

Unlimited common shares are authorized and $2,900$ have been issued and are currently outstanding.

The notes payable is payable over $5$ years and $$4,000$ will be paid by August $31,2024.$

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 August $31,2023.$

FlipFlop Inc.

Statement of Comprehensive Income

For the Year Ended August $31,2023$

Sales Revenue $($net$)$ Answer

Cost of Goods Sold Answer

$22480$

Gross Profit Answer

Selling Expenses Answer

Administrative Expenses Answer

Operating Profit Answer

Finance Costs Answer

$1000$

Profit before Income Tax Answer

Income Tax Expense Answer

Profit for the Year from Continuing Operations Answer

Profit for the Year from Discontinued Operations Answer

Profit for the Year Answer

Other Comprehensive Income, Net of Tax

Gain on Foreign Currency Translation Adjustments $($net of tax$)$ Answer

$150$

Total Comprehensive Income Answer

b$)$ Prepare a statement of changed in equity for the year ended August $31,2023.$ 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 August $31,2023.$

FlipFlop Inc.

Statement of Changed in Equity

For the Year Ended August $31,2023$

Common Shares Retained Earnings Reserves Total Equity

Opening Balance Answer

$14700$

Answer

$15275$

Answer

$29975$

Profit for the Year$/$Net Income Answer

Answer

Other Comprehensive Income

Foreign Currency Translation Adjustments Answer

$150$

Answer

$150$

Total Comprehensive Income Answer

Answer

Answer

Transactions with Owners

Dividends on Common Shares Answer

$3700$

Answer

$3700$

Total Transactions with Owners Answer

$3700$

Answer

$3700$

Closing Balance Answer

$14700$

Answer

Answer

Answer

c$)$ Prepare a statement of financial position as at August $31,2023.$

FlipFlop Inc.

Statement of Financial Position

As at August $31,2023$

Assets

Long$-$Term Assets

Property, Plant and Equipment $($net$)$ Answer

$26000$

Total Long$-$Term Assets

Current Assets

Prepaid Insurance Answer

$1200$

Merchandise Inventory Answer

$19600$

Accounts Receivable Answer

$13400$

Cash Answer

$20200$

Total Current Assets Answer

$54400$

Total Assets Answer

Equity Attributable to Owners

Common Shares, unlimited authorized, Answer

$2900$

issued Answer

$14700$

Retained Earnings Answer

Reserves Answer

Total Equity Attributable to Owners Answer

Liabilities

Long$-$Term Liabilities

Notes Payable, Long$-$Term Portion Answer

$16000$

Total Long$-$Term Liabilities Answer

$16000$

Current Liabilities

Accounts Payable Answer

$8700$

Unearned Revenue Answer

$1200$

Notes Payable, Current Portion Answer

$4000$

Total Current Liabilities Answer

$13900$

Total Liabilities Answer

$29900$

Total Equity and Liabilities Answer

$80400$