Answer Happy

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: Accumulated depreciation Contributed capital (1,000 shares) Cost of sales. Depreciation expense Cash Furniture and equipment, at cost Insurance expense 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 Note payable, 5%, due March 1, 2022 $ 35,000 Prepaid expenses 1,050 Rent expense Retained earnings, January 1, 2020 Salaries expense Sales revenue Supplies expense Supplies inventory 750 1,750 37,000 Trade accounts payables 26,000 Trade accounts receivables 7,700 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. 12,100 19,550 30,500 232,250 1,100 950 34,400 30,000
Required: 1. This part of the question is not part of your Connect assignment. 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.) FASHION WORLD INC. Statement of Earnings For the Year Ended December 31, 2020 (in thousands of Canadian dollars) Operating expenses: Total operating expenses Earnings from operations Earnings before income taxes Earnings per share $ 0 0 0
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.) Current assets: FASHION WORLD INC. Partial Statement of Financial Position As at December 31, 2020 (in thousands of Canadian dollars) Assets Total current assets Total non-current assets Total assets $ Return on assets 0 0 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 (i.e., 0.124 should be entered as 12.4).)