Indicate the effect—Understate, Overstate, No Effect—that each of the following errors has on 2014 net income and 2015 net income.\n2014 2015\n(a) Equip
Indicate the effect—Understate, Overstate, No Effect—that each of the following errors has on 2014 net income and 2015 net income.
\r\n2014 2015
\r\n(a) Equipment purchased in 2012 was expensed.
\r\n(b) Wages payable were not recorded at 12/31/14.
\r\n(c) Equipment purchased in 2014 was expensed.
\r\n(d) 2014 ending inventory was overstated.
\r\n(e) Patent amortization was not recorded in 2015.