Reference no: EM132613590

Question - 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.

Required -

a) Prepare a statement of comprehensive income by function for the 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.

c) Prepare a statement of financial position as at June 30, 2020.