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Question 1 Not yet answered Marked out of 52.00 P Flag question Take me to the text Below is a list of accounts and balances for FlipFlop Inc. for the year ending June 30, 2020. All balances are in thousands of dollars. FlipFlop Inc. follows IFRS. Assume a tax rate of 15%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $9,100 Accounts Receivable $13,900 Accumulated Depreciation $1,500 Advertising Expense $1,500 Cash $20,200 Cash Dividends $3,500 Common Shares $10,600 Cost of Goods Sold $17,240 Depreciation Expense-Office Equipment $80 Depreciation Expense-Store Equipment $700 Gain on Foreign Currency Translation Adjustments $260 Gain on Sale of Discontinued Operations $1,800 Income from Operating Discontinued Operations $7,200 Interest Expense $1,000 Merchandise Inventory $18,300 Miscellaneous Administrative Expenses $570 Notes Payable $20,000 Office Salaries Expense $1,300 Prepaid Insurance $1,300 Property, Plant and Equipment $26,400 Rent Expense-Office $650 Rent Expense-Retail $1,150 Retained Earnings (beginning balance) $21,691 Sales Salaries Expense $3,000 Sales Discounts $1,000 Sales Returns and Allowances $1,100 Sales Revenue $43,100 Unearned Revenue $1,100 Notes: Unlimited common shares are authorized and 2,300 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by June 30, 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 June 30, 2020. a) Prepare a statement of comprehensive income by function for the year ended June 30, 2020. FlipFlop Inc. Statement of Comprehensive Income For the Year Ended June 30, 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 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 June 30, 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 June 30, 2020. b) Prepare a statement of changed in equity for the year ended June 30, 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 June 30, 2020. FlipFlop Inc. Statement of Changed in Equity For the Year Ended June 30, 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 June 30, 2020. c) Prepare a statement of financial position as at June 30, 2020 FlipFlop Inc. Statement of Financial Position As at June 30, 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