In the following table, indicate the effects of failing to recognize each of the indicated… 1 answer below »
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In the following table, indicate the effects of failing to recognize each of the indicated adjustments by writing “O” for overstated and “U” for understated.
Effect on Balance Sheet Items
Effect on
Net Income
Stockholders”
Failure to Recognize
Assets
Liabilities
Equity
1
Depreciation on a building
2
Consumption of supplies on hand
3
The earning of ticket revenue received in advance
4
The earning of interest on a bank
account
5
Salaries incurred by unpaid
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