Question: Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2018 net income and 2019 net income. 2018 2019 a. Equipment purchased

Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2018 net income and 2019 net income.

2018 2019 a. Equipment purchased in 2017 was expensed. b. Wages payable were not recorded at 12/31/18. c. Equipment purchased in 2018 was expensed. d. 2018 ending inventory was overstated. e. Patent amortization was not recorded in 2019.

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