Intermediate Accounting: BE22-8 Indicate the effect-Understate, Overstate, No Effect

Intermediate Accounting

BE22-8
Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2010 net income and 2011 net income.
a. Equipment purchased in 2009 was expensed
b. Wages payable were not recorded at 12/31/10
c. Equipment purchased in 2010 was expensed
d. 2010 ending inventory was overstated
e. Patent amortization was not recorded in 2011
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