Question: Indicate the effectunderstated (U), overstated (O), or no effect (NE)that each of the following errors has on 2022 net income and 2023 net income: Wages

Indicate the effect—understated (U), overstated (O), or no effect (NE)—that each of the following errors has on 2022 net income and 2023 net income:

Wages payable were not recorded at Dec. 31, 2022. Equipment purchased in

Wages payable were not recorded at Dec. 31, 2022. Equipment purchased in 2021 was expensed. Equipment purchased in 2022 was expensed. Ending inventory at Dec. 31, 2022, was overstated. Patent amortization was not recorded in 2023. 2022 2023

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