this is an IFRS cash flow statement, please find all the error inside the statement. thanks
Q: Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In…
A: Schedule 1 for Form 1040 Form 1040, the individual income tax return, may also need to be filed with…
Q: Raven Manufacturing is producing its cost of sales budget. Direct materials are budgeted to be 60%…
A: As given in the question, sales are increased by $10,000 each month, So, Month Amount Jan 2020…
Q: Give examples of finance/accounting activities that does not incur cost and doesn't sacrifice any…
A: ANSWER:- One example of a finance/accounting activity that doesn't incur cost and doesn't sacrifice…
Q: The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as…
A: Under accrual basis of accounting the revenue is recognized when earned irrespective of when cash is…
Q: Cost accumulation On September 25, a hurricane destroyed the work in process inventory of Biloxi…
A: Cost of raw material inventory includes all beginning raw material and purchased material cost and…
Q: On January 1, a company sold a subscription to its cloud computing service for $28,598. The…
A: A current portion of the liability is a part of the long-term liabilities that are maturing in the…
Q: 5.) Cost Classification -we have learned many different ways to classify costs so far. Let's help…
A: Cost Classification: The company incurs many different types of costs in the production process,…
Q: Presented below are a number of balance sheet items for Marin, Inc. for the current year, 2025. $…
A: The balance is very important the balance sheet is prepared after the accounting period to show the…
Q: 2.) Beehive Company has the following per unit cost data for 5,000 units of production. $12 Direct…
A: Variable cost per unit will remain unchanged even if number of units produced changes. Total fixed…
Q: Inventories (LO 3.2) Lawrence owns a small candy store that sells one type of candy. His beginning…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…
Q: MoFin LTD On 10 November 2020, GoMo Ltd purchased 80% (800 shares) of the issued share capital in a…
A: As per the given information: GoMo Ltd purchased 80% (800 shares) of the issued share. GoMo Ltd paid…
Q: Sunland Corporation is analyzing its account balances for 2022. As of the end of 2022, a debit…
A: The remaining debit balance of $3700 in the Manufacturing Overhead account represents indirect costs…
Q: A company had credit sales of $34,000 and cash sales of $14,000 during the month of May. Also,…
A:
Q: Vehicle Production Numbers Model 3/Y 292,731 Model S/X 13,109 Total 305,840 Estimated…
A: Manufacturing overhead - is the overhead that represents indirect cost or expenditure related to the…
Q: Which of following is/are the potential benefits of a single set of international accounting…
A: Accounting standards are those rules, regulations and guidelines which are used for helping…
Q: Honey Crunch Limited started business in 2018. It is now 2021 and the Board of Directors of Honey…
A: Audit Process: The process of checking the financial statements of the business organizations to…
Q: da Company produces a handcrafted musical instrument called a gamelan that is similar to a…
A: Absorption Costing Includes All Of The Manufacturing Costs Have Be Absorbed By Goods Produced. Costs…
Q: TOFU, Inc. TOFU, Inc. is a calendar-year, nonpublic company that follows U.S. GAAP. TOFU uses the…
A: Repurchase of Treasury Stock A share buyback, often referred to as a repurchase of treasury stock,…
Q: Your friend Alice is a full-time college student, earned $4,000 working at the campus bookstore over…
A: FILING THE RETURN OF INCOME:- The taxpayer has to communicate the details of his taxable…
Q: The following information is provided for Moon Antenna Corp., which manufactures two products:…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost…
Q: QualCo manufactures a single product in two departments: Cutting and Assembly. Information for the…
A: Under FIFO method, the cost added during the period is considered to calculate cost per equivalent…
Q: Part 1 Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains…
A: Direct Cost :— It is the cost that are directly incurred in the manufacturing of product during the…
Q: Sparkle Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The…
A: Cost can be classified into two categories such as fixed cost and variable cost. The fixed cost…
Q: b. Prepare a pro forma balance sheet with any financing adjustment made to long-term debt. (Do not…
A: The current ratio measures a company's liquidity. It is used to determine if a company can satisfy…
Q: Part 1 Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains…
A: Manufacturing overhead costs include all the direct and indirect costs related to production or…
Q: Discuss briefly: (i) The independent auditor’s report describing the scope of the statutory audit.
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: What type of account (asset, liability, etc.) is Allowance for Doubtful Accounts? What is the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Prepare the following financial statements (with proper headings) for 2021: 1. Income statement, 2.…
A: Solution
Q: Required: Prepare a statement of financial position as at December 31, 2019, presenting assets and…
A: Statement of Financial Position A balance sheet or statement of financial position provides a…
Q: Marc and Mikkel are married
A: Working note :- Calculation of tax on the taxable income of Marc & Mickkel Particulars…
Q: Grove Audio is considering the introduction of a new model of wireless speakers with the following…
A: The operating profit is the difference between the revenues and the operating costs. The profit is…
Q: You are one of the stockholder of Angat-Buhay Corporation. You own 20 shares in the company. Based…
A: Earnings per share (EPS) is a financial metric that indicates the amount of a company's net income…
Q: 2. The accountant of Swift Inc. was preparing for the audit of its financial statements for the year…
A: Depreciation is a fixed expense on the capital asset that means the reduction in the value of an…
Q: Wright Corporation had the following permanent accounts and ending balances on December 31, 2019…
A: A statement of financial position is a financial statement that summarises a company's assets (what…
Q: Ceradyne Mills is a division of lowa Woolen Products. For the most recent year, Ceradyne had net…
A: The question is based on the concept of Financial Accounting. NOPAT is the sum of net income the…
Q: Jack purchased merchandise with a list price of $156,000 and is offered a trade discount of 20% and…
A: Trade Discount :— It is the discount allowed on the list price of goods by the supplier at the time…
Q: For a vehicle that cost £40,000, had an estimated useful life of four years and an estimated scrap…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Question 16 If the seller creates a belief in the buyer's mind as to the character, quality, or…
A: Warranties are guarantee related to sold goods. Warranties gives relief from breach of contract.…
Q: The time period for classifying a liability as current is one year or the operating cycle, whichever…
A: Since multiple questions have been posted, as per the guidelines only the first question will be…
Q: On May 9, 2018, Calvin acquired 250 shares of stock in Hobbes Corporation, a new startup company,…
A: Tax consequences as a result of this sale to Calvin Ordinary loss $50,000 Ordinary loss limited…
Q: Last month, Major League Baseball star Rafael Devers signed a 10-year contract extension with the…
A: ANSWER:- 1. There could be several reasons why Rafael Devers chose to defer a portion of his…
Q: A company agreed to pay $5 million to settle a lawsuit for an event that occurred during its current…
A: The company would record the $5 million as an expense in the current fiscal year, as this is when…
Q: ABC Co. owes SAR 433,000 to XYZ Inc. The debt is a 10-year, 11% note. Because ABC Co. is in…
A: An arrangement between a debtor and a lender known as debt settlement releases the borrower from the…
Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned…
A: The sum of an employee's entire remuneration less all deductions is their net pay, also referred to…
Q: Logan Products has two production departments-assembly and finishing. These are supported by two…
A: There are many departments in a large organization, some are primary or operating departments while…
Q: Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: The IRR evaluation method assumes that cash flows from the project are reinvested at the same rate…
A: Modified internal rate of return provides more accurate results after considering the terminal…
Q: Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets…
A: ANSWER Patent value = $32,200 Goodwill = $43700 Useful life of patent = 4 years Amortization…
Q: The following international transactions were entered into during 2013 by Sysco Corporation, the…
A: Forward contract is an agreement between the buyer and the seller to sell or buy any article,…
Q: For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…
this is an IFRS cash flow statement, please find all the error inside the statement. thanks
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities ofWhat is the cash impact from OWC during Year 2? If the change releases cash use a positive sign, if it consumes cash use a negative sign in the answer. Cash and cash equivalents Marketable securities Accounts receivable Deferred income taxes Income taxes receivable Other operating receivables Total current assets Accounts payable Income taxes payable Accrued expenses Current portion of long term debt Other non-operating current liabilities Total current liabilities Year 1 Year 2 20,344.5 18,310.1 42,866.9 38,580.2 9,669.5 10,636.5 1,642.8 1,626.4 439.2 461.2 3,502.0 4,307.5 78,464.9 73,921.9 2,640.8 2,904.8 3,239.3 3,563.3 2,693.5 3,232.2 4,042.4 4,446.7 1,861.3 2,326.7 14,477.3 16,473.7Net income Depreciation expense Decrease in inventory. Increase in accounts receivable Increase in interest payable. Amortization of bond discount Increase in accounts payable Cash dividends paid Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicat a minus sign.) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: $194,000 23,000 11,400 1,340 1,540 2,400 6,400 14,000 Net cash flows from operating activities
- Question Content Area The following information is available from the current period financial statements: Net income $102,978 Depreciation expense 26,870 Increase in accounts receivable 15,293 Decrease in accounts payable (29,031) The net cash flows from operating activities using the indirect method is11 Compute Cash Flow from Operating Activities from the following details: Particulars Trade Receivables: Debtors CA Bills Receivable CA Trade Payables: Creditors CL Bills Payable CL L Expenses Outstanding Accrued Income CAT Depreciation on Fixed Assets No + Surplus, i.e., Balance in Statement of Profit & Loss 31st March, 2023 (R) 50,000 23,000 28,000 22,000 4,500 9,000 5,000 90,000 31st March 2022 ) 60,000 25,000 32,000 35,000 3,500 8,000 4,000 80,000A draft statement of cash flows contains the following: £ i Profit before tax 22 ii Depreciation 8 iii Increase in inventories -4 iv Decrease in receivables -3 v Increase in payables -2 Net cash inflow from operating activities 21 Which Two of the following corrections needs to be made to the calculation? a. ii and v b. iv and iii c. i and ii d. iv and v
- Preparing the Cash Flow from Operating Activities Section Atlas Corp. reported the following amounts for the year ended December 31, 2020. Account Dec 31, 2020 Net income $ 460,000 Decrease in accounts payable 17,600 Increase in prepaid rent 6,000 Depreciation expense 56,000 Increase in accounts receivable 26,000 Increase in interest payable 2,400 Calculate net cash provided by operating activities for the year ended December 31, 2020.Use a negative sign with your answer to indicate a cash outflow, if applicable. $AnswerDecrease in plant and equipment $ Decrease in deferred tax asset $ Increase in accounts receivable $ Net Loss $ 122,865 587,458 15,487 65,892 109,520 215,877 Increase in inventory $ Decrease in short-term debt $ Net cash from financing activities Net cash from investing activities Net cash from operating activitiesSmith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities of
- CURRENT PERIOD CASH FLOWS FROM OPERATING ACTIVITIES Net Profit (Loss) 9734 Adjustments to Net for Non-Cash Expenses Depreciation and Amort 15766 (Gain) Loss on Fixed Assets 0 (Increase) Decrease in Assets Accounts Receivable - Trade Other Accounts Receivable -27695 Inventory Prepaid Expenses 16962 Other Assets Increase (Decrease) in Liabilities Accounts Payable - Trade 23707 Other Liabilities 2582 Net Cash From Operations 41056 CASH FLOWS FROM INVESTING ACTIVITIES Sale (Acquisition) of Fixed As 0 Net Cash From Investing 0 CASH FLOWS FROM FINANCING ACTIVITIES Notes Payable 0 Notes Payable 0 Notes Payable 0 Net Cash From 0 Total Cash Increase (Decrease) 41056 Cash - Beginning of Period 2168786 Cash - End of Period 2209842 Cash Book Balance - End of Perio 2211141 Please Find the mistakes in this cashflow statement.Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense Gain on disposal equipment Net Income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) $33,700 19,670 209,300 Accounts receivable Inventory Prepaid insurance Accounts payable Income taxes payable Dividends payable a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Cash flows from operating activities: $5,250 (2,990) (1,120) (3,560) 1,120 790 Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash flow from operating activities: Net cash flow from operating activities Changes in current operating assets and liabilities: b. Why is net cash flows from operating activities different than net…Question Content Area Kennedy, Inc., reported the following data: Net income $170,619 Depreciation expense 12,699 Loss on disposal of equipment (8,944) Gain on sale of building 21,259 Increase in accounts receivable 10,181 Decrease in accounts payable (2,309) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc.Statement of Cash Flows Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - - Select - - Select - Changes in current operating assets and liabilities: - Select - - Select - $- Select -