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problem: Demonstrate how the following independent errors will affect net income on Income Statement and stockholder's equity section of the Balance Sheet using the sign (O/S) for overstated, (U/S) for understated, & (N/E) for no effect.

2008

2009

Income Statement

Balance Sheet

Income Statement

Balance Sheet

[A] Ending inventory in 2008 overstated. 
[B] Failed to accrue 2008 interest revenue.
[C] A capital expenditure for factory equipment [useful life, five years] was erroneously charged to maintenance expense in 2008.

2008

2009

Income Statement

Balance Sheet


[D] Failed to count office supplies on hand at 12/31/08. Cash expenditures have been charged to an office supplies cost account during the year 2008. 
[E] Failed to accrue 2008 wages. 
[F] Ending inventory in 2008 understated. 
[G] Overstated 2008 depreciation expense; 2009 expense correct.

 

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