Here is a financial statement for Butterfly Ltd.

REQUIRED: Describe 10 errors in this financial statement, explaining why you believe each choice is an error. NOTE: If you list more than 10 errors, only your first 10 will be marked, so be careful in your responses.

Butterfly Ltd.

Statement of Financial Position

For the Year ended December 31, 2022

CURRENT ASSETS:

Cash $ 12,875

Accounts receivable (net of accounts payable $55675) $ 150,700

Inventory $ 128,500

Less: Cost of Goods Sold $ (1,725)

Goodwill $ 5,000

Total Current Ratio $ 295,350

LONG-LIVED ASSETS:

Property, Plant & Equipment:

Land $ 92,205

Less: accumulated depreciation ($32,000)

Carrying Amount $ 60,205

Buildings and Equipment $ 728,296

Less: accounted depreciation $ (275,000)

Carrying Amount $ 453,296

Total Property, Plant and Equipment $ 513,501

Total Assets: $ 808,851

LIABILIITES & SHAREHOLDERS' EQUITY

Current Liabilities:

Wages and Salaries Payable $ 3,232

Income Tax Expense $ 45,293

Interest payable $ 14,562

Total Current Liabilities $ 63,087

Non-current Liabiliites:

Long-term Debt $ 155,988

Provisions and other Liabiliites $ 18,687

Deferred Revenue $ 6,509

Total Non-Current Liabilities $ 181,184

Total Liabiliites $ 244,271

Shareholders' Equity

Retained Earnings $ 400,580

Less: Dividends Declared but not paid $ (23,000)

Total Retained Earnings $ 377,580

Other Shareholders' equity:

Common Shares $ 177,000

Preferred Shares $ 10,000

Total shares $ 187,000

Total Liabilities and Shareholders' Equity $ 808,851