PLEASE DON'T USE AI CHAT GPT When the records of Hilda Corporation were reviewed at the close of 2023, the following errors were discovered For each item, indicate whether the error resulted in an overstatement or understatement, or had no effect on net income for the years 2022 and 2023 Failure to record amortization of patent in 2023 Failure to record the correct amount of ending 2022 inventory (the amount was understated because of a calculation error Failure to record merchandise purchased in 2022 (it was also omitted from ending inventory in 2022 and remained unsold at the end of 2023) Failure to record accrued interest on notes payable in 2022 (the amount was recorded when paid in 2023) Failure to reflect supplies on statement of financial position at end of 2022

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Question: PLEASE DON'T USE AI / CHAT GPT When the records of Hilda Corporation were reviewed at the close of 2023, the following errors were discovered.

PLEASE DON'T USE AI / CHAT GPT When the records of Hilda Corporation were reviewed at the close of 2023, the following errors were discovered. For each item, indicate whether the error resulted in an overstatement or understatement, or had no effect on net income for the years 2022 and 2023.

Failure to record amortization of patent in 2023
Failure to record the correct amount of ending 2022 inventory (the amount was understated because of a calculation error
Failure to record merchandise purchased in 2022 (it was also omitted from ending inventory in 2022 and remained unsold at the end of 2023)
Failure to record accrued interest on notes payable in 2022 (the amount was recorded when paid in 2023)
Failure to reflect supplies on statement of financial position at end of 2022

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