Pls show me how to calculate each one. and show me full detail explanations. Dont JUST give me the answers. I need formulas and explanation. Thats more important than the solutions. Please I really need help. I failed both of my tests on accounting. I just dont get it. It's so hard. List all the advertising, selling, expenses and what is the operating profit. I mainly need help with that. Below is a list of balances for Sandals Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question. Unlimited common shares are authorized and 2,700 have been issued and are currently outstanding.The notes payable is payable over 5 years and $4,000 will be paid by December 31, 2021.Account TitleBalanceAccounts Payable$9,800Accounts Receivable$12,900Accumulated Depreciation$1,200Advertising Expense$1,200Cash$19,900Cash Dividends$3,500Common Shares$9,500Cost of Goods Sold$20,280Depreciation Expense-Office Equipment$110Depreciation Expense-Store Equipment$600Gain on Foreign Currency Translation Adjustments$110Gain on Sale of Discontinued Operations$1,800Income from Operating Discontinued Operations$8,300Interest Expense$1,000Merchandise Inventory$19,600Miscellaneous Administrative Expenses$540Notes Payable$20,000Office Salaries Expense$1,800Prepaid Insurance$2,000Property, Plant and Equipment$26,700Rent Expense-Office$590Rent Expense-Retail$1,210Retained Earnings (beginning balance)$18,892Sales Salaries Expense$1,900Sales Discounts$1,200Sales Returns and Allowances$720Sales Revenue$50,700Unearned Revenue$1,400 a) Prepare a statement of comprehensive income by function for the year ended December 31, 2020Sandals Inc.Statement of Comprehensive IncomeFor the Year Ended December 31, 2020Sales Revenue (net)48780Cost of Goods Sold|-1200Gross Profit-720Selling Expenses4910Administrative Expenses3040Operating ProfitFinance Costs1000Profit before Income Tax19550Income Tax Expense3910Profit for the Year from Continuing Operations15640Profit for the Year from Discontinued Operations8080Profit for the Year237Other Comprehensive Income, Net of TaxGain on Foreign Currency Translation Adjustments (net of tax)Total Comprehensive Income>> a) Prepare a staternent of comprehersive income by function for the year ended Decemiber 31, 2020.Sandals Inc.Statement of Comprehensive IncomeFor the Year Ended December 31, 2020Sales Revenue (net)48780Cast of Goods Sold-1200Gross Profit-720Selling Expenses4910Administrative Experses3040Operating ProfitFinance Costs1000Profit before lIncome Tax19550Income Tax ExpenseProfit for the Year from Continuing Operations391015640Profit for the Year from Discontinund OperationsBO80Profit for the Year237Other Comprehersive Income, Net of TaxGain on Fareign Currency Translation Adjustments (net of tax)Total Comprehensive Incomebị Prepare a statement of changed in equity for the year ended December 31, 2020. There was no opening balance in the accumulated other incame account and FipRop Inc. did nat issue any new common shares in the fiscal year ended December 31, 2020.Sandals Inc.Statement of Changed in EquityFor the Year Ended December 31, 2020Common Shares Retained EarningsTotal EquityReservesOpening BalanceProfit for the Year/Net IncomeOther Cormprehensive IncomeForeign Currency Trarslation Adjustments.Total Comprehensive IncomeTransactions with OwnersDividends on Common SharesTotal Trarsactiors with OwnersClosing Balance

Comprehensive Income: Comprehensive income comprised of net income and unrealized income.…

Answered: a) Prepare a statement of comprehensive…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pls show me how to calculate each one. and show me full detail explanations. Dont JUST give me the answers. I need formulas and explanation. Thats more important than the solutions. Please I really need help. I failed both of my tests on accounting. I just dont get it. It's so hard.

List all the advertising, selling, expenses and what is the operating profit. I mainly need help with that.

Below is a list of balances for Sandals Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question.

Unlimited common shares are authorized and 2,700 have been issued and are currently outstanding.
The notes payable is payable over 5 years and $4,000 will be paid by December 31, 2021.

Account Title	Balance
Accounts Payable	$9,800
Accounts Receivable	$12,900
Accumulated Depreciation	$1,200
Advertising Expense	$1,200
Cash	$19,900
Cash Dividends	$3,500
Common Shares	$9,500
Cost of Goods Sold	$20,280
Depreciation Expense-Office Equipment	$110
Depreciation Expense-Store Equipment	$600
Gain on Foreign Currency Translation Adjustments	$110
Gain on Sale of Discontinued Operations	$1,800
Income from Operating Discontinued Operations	$8,300
Interest Expense	$1,000
Merchandise Inventory	$19,600
Miscellaneous Administrative Expenses	$540
Notes Payable	$20,000
Office Salaries Expense	$1,800
Prepaid Insurance	$2,000
Property, Plant and Equipment	$26,700
Rent Expense-Office	$590
Rent Expense-Retail	$1,210
Retained Earnings (beginning balance)	$18,892
Sales Salaries Expense	$1,900
Sales Discounts	$1,200
Sales Returns and Allowances	$720
Sales Revenue	$50,700
Unearned Revenue	$1,400

a) Prepare a statement of comprehensive income by function for the year ended December 31, 2020
Sandals Inc.
Statement of Comprehensive Income
For the Year Ended December 31, 2020
Sales Revenue (net)
48780
Cost of Goods Sold
|-1200
Gross Profit
-720
Selling Expenses
4910
Administrative Expenses
3040
Operating Profit
Finance Costs
1000
Profit before Income Tax
19550
Income Tax Expense
3910
Profit for the Year from Continuing Operations
15640
Profit for the Year from Discontinued Operations
8080
Profit for the Year
237
Other Comprehensive Income, Net of Tax
Gain on Foreign Currency Translation Adjustments (net of tax)
Total Comprehensive Income
>
>

a) Prepare a staternent of comprehersive income by function for the year ended Decemiber 31, 2020.
Sandals Inc.
Statement of Comprehensive Income
For the Year Ended December 31, 2020
Sales Revenue (net)
48780
Cast of Goods Sold
-1200
Gross Profit
-720
Selling Expenses
4910
Administrative Experses
3040
Operating Profit
Finance Costs
1000
Profit before lIncome Tax
19550
Income Tax Expense
Profit for the Year from Continuing Operations
3910
15640
Profit for the Year from Discontinund Operations
BO80
Profit for the Year
237
Other Comprehersive Income, Net of Tax
Gain on Fareign Currency Translation Adjustments (net of tax)
Total Comprehensive Income
bị Prepare a statement of changed in equity for the year ended December 31, 2020. There was no opening balance in the accumulated other incame account and FipRop Inc. did nat issue any new common shares in the fiscal year ended December 31, 2020.
Sandals Inc.
Statement of Changed in Equity
For the Year Ended December 31, 2020
Common Shares Retained Earnings
Total Equity
Reserves
Opening Balance
Profit for the Year/Net Income
Other Cormprehensive Income
Foreign Currency Trarslation Adjustments.
Total Comprehensive Income
Transactions with Owners
Dividends on Common Shares
Total Trarsactiors with Owners
Closing Balance

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