Question: Indicate the effect-understated (U), overstated (O), or no effect (NE)-that each of the following errors has on 2016 net income and 2017 net income: e

Indicate the effect-understated (U), overstated (O), or no effect (NE)-that each of the following errors has on 2016 net income and 2017 net income:

e , 2016. 2016 Wages payable were not recorded at Dec. 31, 2016. Equipment purchased in 2015 was expensed. Equipment purchased in 2016 was expensed. Ending inventory at Dec. 31, 2016 was overstated. Patent amortization was not recorded in 2017 Eauipment purchased

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