4. If the errors were not discovered, what would the effects of these errors be on Sheef Corporation's total assets at December 31, 2017? Indicate "overstated", "understated" or "no effect", and the amount. (5%)

V. The following information is available for Green Corporation for the year ended December 31, 2018: | Collection of principal on non-current loan to a supplier | $15,000 | | --- | --- | | Acquisition of equipment for cash | 10,000 | | Gain on sale of amortized cost financial assets | 2,000 | | Issuance of ordinary shares for cash | 20,000 | | Depreciation expense | 32,000 | | Interest expense | 10,000 | | Loss on redemption of bonds payable | 5,000 | | Payment of cash dividends | 14,000 | | Net income | 30,000 | | Purchase of land by issuing 3-year notes payable | 40,000 | In addition, the following information is available from the comparative statements of financial position (partial) for Green at the end of 2017 and 2018: | | Dec 31, 2018 | Dec 31, 2017 | | --- | --- | --- | | Cash | $ 87,000 | $ 14,000 | | Accounts receivable (net) | 20,000 | 15,000 | | Prepaid insurance | 17,000 | 13,000 | | Amortized cost financial assets (at par) | 0 | 25,000 | | Accounts payable | $ 20,000 | $ 13,000 | | Salaries and wages payable | 4,000 | 7,000 | | Interest payable | 5,000 | 6,000 | | Bonds payable (issued at par) | 0 | 19,000 | Green Company does not list interests payment as a financing activity. Green Company does not list dividends payment as an operating activity. Instructions 1. Calculate the net cash flows provided by operating activities. (6%)

4. If the errors were not discovered, what would the effects of these errors be on Sheef Corporation's total assets at December 31, 2017? Indicate "overstated", "understated" or "no effect", and the amount. (5%)

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