Reference no: EM133152508

Question - Happy Bumz Ltd, has been manufacturing and selling kid's toys for the last two years. The company commenced its operations on 1 Jan 2018. There was no other cost related to the share issue.

For the year ending 31 Dec 2020, the company recorded the following aggregate transactions:

Accounts receivable	$183,100	Advertising expense	$97,300
Note receivable	36,000	Cost of goods sold	590,000
Merchandise inventory	201,900	Unearned rent revenue	4,800
Cash	99,300	Insurance expense	3,500
Paid-in capital	620,000	Unexpired insurance	2,300
Building	300,000	Accounts payable	52,500
Accumulated depreciation,		Interest expense	500
building	20,000	Telephone expense	2,500
Land	169,200	Notes payable	20,000
Sales	936,800	Net income	58,626
Salary expense	124,300	Miscellaneous expense	3,400
Retained earnings		Maintenance expense	4,800
December 31, 2019	164,000
December 31, 2020	162,626

The following additional information was noted during the preparation of financial statements for the year ended 30 Dec 2020:

1. Salaries of $8,500 have been earned by employees for the last half of December 2020. Payment by the company will be made on the next payday, January 2,2021.

2. Interest at 6 percent per annum on the Note receivable has accrued for 2 months and is expected to be collected by the company when the Note is due on January 31, 2021.

3. Part of the company's building was rented to a tenant on November 1, 2020, for 6 months, payable in advance. This rent was collected in cash and is presented by the item labeled Unearned Rent Revenue.

4. Depreciation on the building for 2020 is $6,250.

5. Cash dividends of $60,000 were declared in December 2020, payable in January 2021.

6. Income tax at 40 percent applies to 2020, which is all to be paid in the early part of 2021.

Required -

1. Prepare a statement of profit or loss.

2. Prepare a statement of changes in equity for Happy Bumz Ltd. in accordance with the requirements of AASB 101;

3. Prepare a statement of financial position for Happy Bumz Ltd. in accordance with AASB101. Use the current/non-current presentation format;

4. Many investors as well as public are now concerned about organization's social and environmental impacts. Therefore, more and more organizations are now providing various social and environmental information. The CEO of Happy Bumz Ltd has asked you to identify what types of social and environmental information Happy Bumz Ltd should provide to their stakeholders. Identify four important types of social and environmental information/indicators (such as "Total amount of GHG emissions") related to Singapore Ltd and briefly explain the reason for selecting each of them (around 200 word)