Answer Happy

FASHION WORLD INC. Statement of Earnings For the Year Ended December 31, 2020 (in thousands of Canadian dollars) Operating expenses Total coarating expenses Earrings from operations Fashion World Inc. reported the following accounts and balances in its unadjusted trial balance as at December 31, 2020 (in thousands of Canadian dollars). Note that the accounts are listed in alphabetical order Earnings before income taxes Accumulated depreciation. Cash Contributed capital (1,000 shares) Cost of sales Depreciation expense Required: 1. This part of the question is not part of your Connect assignment. Earrings por share Furniture and equipment, at cost Insurance expanse Interest expense Investments (long term) Merchandise inventory Other operating expenses Additional information is as follows: $ 28,600 14,000 50,000 158,500 9,600 68,800 750 1,750 37,000 26,000 7,700 Note payable, 5t, due March 1, 2022 Prepaid expenses Rent expense 2. Prepare the statement of earnings for Fashion World Inc. for the year ended December 31, 2020. (Round "Earnings per share" to 2 decimal places. Enter the final answers in thousands of Canadian dollars.) Retained earnings, January 1, 2020 Salaries expense Sales revenue Supplies axpansa Supplies inventory Trade accounts payables Trade accounts receivables a. All of these accounts have "normal" debit and credit balances. b. The note payable was signed on March 1, 2019. c. The company is subject to an income tax rate of 30 percent. Dumanla 3. Prepare the assets section only of a classified statement of financial position as at December 31, 2020. (Enter the final answers in thousands of Canadian dollars.) Tobi imel $ 35,000 1,050 12,100 19,550 Total non-current asse Trial assis 30,500 232,250 1,100 950 FASHION WORLD INC. Partial Statement of Financial Position As at December 31, 2020 in thousands of Canadian dollars) Assels 34,400 30,000 Return on assets obriq ks D 4. Compute the return on assets (ROA) based on your answers to the previous requirements. Assume that the company reported total assets of $186,200 at December 31, 2019. (Round percentage answer to 1 decimal places (l... 0.124 should be entered as 12.4).)