Question: 5 Show how the following independent errors will affect net income on the Income Statement and the stockholders' equity section of the Balance Sheet using

5 Show how the following independent errors will affect net income on the Income Statement and the stockholders' equity section of the Balance Sheet using the symbol + (plus) for overstated, - (minus) for understated, and 0 (zero) for no effect. 2018 2019 Balance Income Balance Sheet Statement Sheet I Income Statement 1. Ending inventory in 2018 overstated. 2. Failed to accrue 2018 wages. 3. The total cost of an equipment (Useful life, 5 years) was incorrectly expensed in 2018. 4. Understated 2018 depreciation expense 2019 depreciation expense correct

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