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Indicate the effect-understate overstate no effect-that

Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2010 net income and 2011 net income.
2010 2011

(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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Accounting Basics: Indicate the effect-understate overstate no effect-that

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