Sandburg Corporation is a multinational corporation and prepares its financial statements using GAAP and IFRS. Sandburg has a fiscal year end of June 30, 2020.

Sandburg received $500,000 of dividends during 2020. Sandburg also paid $200,000 of dividends to its shareholders. The CFO is unsure of where to classify these dividends on the statement of cash flows under GAAP. Which of the following is the correct classification of dividends under GAAP?

a)	$500,000 cash inflow operating activity, $200,000 cash outflow financing activity

b)	$500,000 cash inflow operating Activity, $200,000 cash outflow iInvesting activity

c)	$300,000 net cash inflow operating activities

d)	$300,000 net cash inflow financing activity

Sandburg Corporation is a multinational corporation and prepares its financial statements using GAAP and also IFRS. Sandburg has a June 30th year end.

For the year ending June 30, 2019 Sandburg's ending inventory balance was $3,000,000. This was the balance after a $400,000 lower of cost or market adjustment had been recorded. (i.e. the balance was $3,400,000 prior to the LCM adjustment)

The fair value of inventory has increased by $500,000 from the previous level. What amount of the previous writedown in inventory can Sandburg reverse for the June 30, 2020 financial statements under IFRS?

Question 27 options:

a)

$0

b)	Sandburg will record the increase in inventory as a correction of an error for the 2019 financial statements.

c)

$500,000

d)

$400,000

Sandburg Corporation is a multinational corporation and prepares its financial statements using GAAP and IFRS. Sandburg has a fiscal year end of June 30, 2020.

Sandburg received $500,000 of dividends during 2020. Sandburg also paid $200,000 of dividends to its shareholders. The CFO is unsure of where to classify these dividends on the statement of cash flows under IFRS since IFRS offers options for where to classify.

Which of the following would be a correct classification of dividends under IFRS for the year ending June 30, 2020?

Question 28 options:

a)	$500,000 operating cash inflow, $200,000 financing cash outflow

b)	$500,000 investing cash inflow, $200,000 investing cash outflow

c)	$300,000 financing net cash inflow

d)	$500,000 financing cash inflow, $200,000 operating cash outflow