this is an IFRS income statement; please identify all the errors inside the statement and explain why? thanks Woodbridge IncorporatedStatement of Cash FlowsDecember 31, 2021Cash flows from operating activitiesNet incomeADD: Depreciation expenseADD: Loss on disposal of equipmentADD: Decrease in accounts receivableADD: Decrease in interest receivableADD: Increase in prepaid insuranceDEDUCT: Increase in inventoriesDEDUCT: Decrease in interest payableDEDUCT: Decrease in income tax payableDividends paidNet cash provided by operating activitiesCash flows from investing activitiesInterest receivedProceeds from disposal of equipmentPurchase of new buildingNet cash used by investing activitiesCash flows from financing activitiesIssuance of common sharesRetirement of long-term debtsInterest paidNet cash provided by financing activitiesNet increase in cash$ 85,000135,00012,00030,0004,000(45,000)(102,000)(125,000)$ 89,000710,000(960,000)$ 200,000(125,000)(47,000)$ 690,000(6,000)684,000(20,000)664,000(161,000)28,000$ 531,000

Cash flow statement refers to the statement which states the inflow as well as outflow of the cash…

Answered: this is an IFRS income statement;…

Business

Accounting

this is an IFRS income statement; please identify all the errors inside the statement and explain why?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: When you need to adjust the allowance what is the accounting entry you would create assuming you use…

A: Accrual method of accounting is a method which states that income and expense should be recorded…

Q: Explain why some companies use "Returns & Allowances" accounts.

A: Returns and allowances account in the business shows of amount or value of goods returned by…

Q: If the 'bottom line' on the Income Statement section of a worksheet shows a net income, the amount…

A: The objective of the question is to understand the correct placement of net income in the worksheet…

Q: Give me an examples of t account for my accounting class. I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: How does analyzing more and diverse data around us help answer accounting questions? Give a specific…

A: Data Analyzing is most important factor for the process of accounting/ Auditing. More you analyze…

Q: Explain voluntary changes in accounting principle.

A: An accounting principle is a general guideline to follow when recording and reporting financial…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: 1. To determine the accuracy of the remaining prepaid account balance, I would examine the following…

Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…

A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…

Q: 1. Explain with examples the purpose, usefulness, and limitations of the Income Statement and the…

A: Income Statement:The income statement, also known as the profit and loss statement or statement of…

Q: Transactions that affect inventories on hand have an effect on both the balance sheet and the income…

A: Inventory on hand is Closing Inventory is a Current Assets and it is shown in Income Statement and…

Q: The three types of accounting changes, including error correction, are: Code…

A: Introduction:- The following three types of accounting changes, including error correction as…

Q: A knowledgeable investor tries to asses -earnings quality -accounts receivable a -accounts payable…

A: Investor is the person who invests in some property or asset.

Q: What is blockchain technology? How might blockchain technology help to change accounting reporting,…

A: Financial reporting means to furnish the financial records or statements prepared by the…

Q: Explain the purpose of and the information found on the income statement.

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson…

A: Accrual basis of accounting provides that Revenue as well as Expenses will be recorded as and when…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

Question

this is an IFRS income statement; please identify all the errors inside the statement and explain why? thanks

Woodbridge Incorporated
Statement of Cash Flows
December 31, 2021
Cash flows from operating activities
Net income
ADD: Depreciation expense
ADD: Loss on disposal of equipment
ADD: Decrease in accounts receivable
ADD: Decrease in interest receivable
ADD: Increase in prepaid insurance
DEDUCT: Increase in inventories
DEDUCT: Decrease in interest payable
DEDUCT: Decrease in income tax payable
Dividends paid
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Proceeds from disposal of equipment
Purchase of new building
Net cash used by investing activities
Cash flows from financing activities
Issuance of common shares
Retirement of long-term debts
Interest paid
Net cash provided by financing activities
Net increase in cash
$ 85,000
135,000
12,000
30,000
4,000
(45,000)
(102,000)
(125,000)
$ 89,000
710,000
(960,000)
$ 200,000
(125,000)
(47,000)
$ 690,000
(6,000)
684,000
(20,000)
664,000
(161,000)
28,000
$ 531,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

If we perform services for a client who had previously paid us up front, we will ____ the Deferred Revenue account. A. Debit b. Credit
I have questions about the Income Statement. Aside from the obvious what is recorded in the Income Statement? Are Expenses covered? Are any other accounts covered? Please tell me all accounts that are included in the Income Statement and tell me if the Income Statement is a Debit or Credit Account and what accounts in the Income Statement Debits or Credits? Thanks!
please give correct answer with details explanation
A revenue account is closed by debiting Income Summary and crediting Service Revenue. True or False
Explain how and why some changes in accounting principle are reportedprospectively.
Fill in the blanks below with the accounting principle, assumption, or related item that best completes the sentence. ________________________ and _______________________ are the two fundamental qualities that make accounting information useful for decision making. Information that helps users confirm or correct prior expectations has _________________ ___________________. ________________________ enables users to identify the real similarities and differences in economic events between companies. _________________ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Information is _______________________ if omitting it or misstating it could influence decisions that users make on the basis of the reported financial information. The ________________________ characteristic requires that the same accounting method be used from one accounting…
I am completing an income statement. I am not understanding what the whole thing means. Please help
do all charts have to have live item that state Total Revenue?
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
How do you find UBS Accounting software? What are the users comment of this accounting software (like/dislike/criticism)?
What is meant by the term fresh start accounting ?
Can I get the income statement, a statement of retained earnings, and a classified balance sheet also?