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INCOME STATEMENT PROBLEM : OVERSTATED UNDERSTATED GIVEN Sales Discounts Purchases Depreciation Expense 2 3 2 Beginning Inventory Interest Expense Ending Inventory Freight in Rent Revenue 1 Purchases Discounts Determine the effect on indicate overstated or understated as well as the amount Net Sales Gross Profit Cost of Goods Sold Net Income L UNDERSTATED | INCOME STATEMENT PROBLEM #3: GIVEN: OVERSTATED Ending Inventory Purchase Discounts Bad Debt Expense 4 Beginning Inventory 7 Sales Discounts Freight-Out Freight in Determine the effect on (indicate overstated or understated as well as the amount): Net Sales Gross Profit Cost of Goods Sold Net Income 1 INCOME STATEMENT PROBLEM 84: GIVEN: OVERSTATED UNDERSTATED Purchases Sales Being Inventory Interest Expense Expense Seda Inventory 1 4 5 Rent Revenue Purchases Discounts ne the effect on indicate overstated or understated as well as the amount Net Sales Cost of Gross Profit Net Income to Sold INCOME STATEMENT PROBLEM : OVERSTATED UNDERSTATED GIVEN Sales Discounts Purchases Depreciation Expense 2 3 2 Beginning Inventory Interest Expense Ending Inventory Freight in Rent Revenue 1 Purchases Discounts Determine the effect on indicate overstated or understated as well as the amount Net Sales Gross Profit Cost of Goods Sold Net Income L UNDERSTATED | INCOME STATEMENT PROBLEM #3: GIVEN: OVERSTATED Ending Inventory Purchase Discounts Bad Debt Expense 4 Beginning Inventory 7 Sales Discounts Freight-Out Freight in Determine the effect on (indicate overstated or understated as well as the amount): Net Sales Gross Profit Cost of Goods Sold Net Income 1 INCOME STATEMENT PROBLEM 84: GIVEN: OVERSTATED UNDERSTATED Purchases Sales Being Inventory Interest Expense Expense Seda Inventory 1 4 5 Rent Revenue Purchases Discounts ne the effect on indicate overstated or understated as well as the amount Net Sales Cost of Gross Profit Net Income to Sold