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In: Accounting

Below is a list of accounts and balances for Sandals Inc. for the year ending September...

Below is a list of accounts and balances for Sandals Inc. for the year ending September 30, 2020. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 25%. Exclude the presentation of earnings per share for this question.

Account Title Balance
Accounts Payable $9,500
Accounts Receivable $13,700
Accumulated Depreciation $1,500
Advertising Expense $1,400
Cash $19,800
Cash Dividends $4,100
Common Shares $11,200
Cost of Goods Sold $19,200
Depreciation Expense-Office Equipment $60
Depreciation Expense-Store Equipment $800
Gain on Foreign Currency Translation Adjustments $120
Gain on Sale of Discontinued Operations $2,500
Income from Operating Discontinued Operations $7,500
Interest Expense $1,100
Merchandise Inventory $17,900
Miscellaneous Administrative Expenses $570
Notes Payable $22,000
Office Salaries Expense $1,400
Prepaid Insurance $1,500
Property, Plant and Equipment $26,800
Rent Expense-Office $430
Rent Expense-Retail $1,380
Retained Earnings (beginning balance) $17,778
Sales Salaries Expense $2,900
Sales Discounts $1,100
Sales Returns and Allowances $550
Sales Revenue $48,000
Unearned Revenue $1,400


Notes:
Unlimited common shares are authorized and 2,380 have been issued and are currently outstanding.
The notes payable is payable over 5 years and $4,400 will be paid by September 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 September 30, 2020.

Sandals Inc.
Statement of Comprehensive Income
For the Year Ended September 30, 2020
Sales Revenue (net) Answer
Cost of Goods Sold Answer
Gross Profit Answer
Selling Expenses Answer
Administrative Expenses Answer
Operating Profit Answer
Finance Costs Answer
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
Total Comprehensive Income Answer


b) Prepare a statement of changed in equity for the year ended September 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 September 30, 2020.

Sandals Inc.
Statement of Changed in Equity
For the Year Ended September 30, 2020
Common Shares Retained Earnings Reserves Total Equity
Opening Balance Answer Answer Answer
Profit for the Year/Net Income Answer Answer
Other Comprehensive Income
Foreign Currency Translation Adjustments Answer Answer
Total Comprehensive Income Answer Answer Answer
Transactions with Owners
Dividends on Common Shares Answer Answer
Total Transactions with Owners Answer Answer
Closing Balance Answer Answer Answer Answer


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

Sandals Inc.
Statement of Financial Position
As at September 30, 2020
Assets
Long-Term Assets
Property, Plant and Equipment (net) Answer
Total Long-Term Assets
Current Assets
Prepaid Insurance Answer
Merchandise Inventory Answer
Accounts Receivable Answer
Cash Answer
Total Current Assets Answer
Total Assets Answer
Equity Attributable to Owners
Common Shares, unlimited authorized, Answer issued Answer
Retained Earnings Answer
Reserves Answer
Total Equity Attributable to Owners Answer
Liabilities
Long-Term Liabilities
Notes Payable, Long-Term Portion Answer
Total Long-Term Liabilities Answer
Current Liabilities
Accounts Payable Answer
Unearned Revenue Answer
Notes Payable, Current Portion Answer
Total Current Liabilities Answer
Total Liabilities Answer
Total Equity and Liabilities

Solutions

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ekkarill92 answered 1 year ago
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