Required: For each of the following independent errors, indi…
Required: For each of the following independent errors, indicate the effect on net income on the Income Statement and the stockholders’ equity section of the Balance Sheet over a two-year period. NOTE: If you are having trouble clicking on any field, try using the Tab key to switch between fields. A. Ending inventory in 20X2 overstated. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet B. Failed to accrue 20X2 interest revenue. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet C. A capital expenditure for factory equipment (useful life, 5 years) was erroneously charged to maintenance expense in 20X2. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet D. Failed to count office supplies on hand at 12/31/X2. Cash expenditures have been charged to an office supplies expense account during the year 20X2. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet E. Failed to accrue 20X2 wages. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet F. Ending inventory in 20X2 understated. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet G. Overstated 20X2 depreciation expense; 20X3 expense correct. 20X2 Income Statement 20X2 Balance Sheet 20X3 Income Statement 20X3 Balance Sheet