Arnold Pharmacy Reported Cost of Goods Sold as Follows Arnold Made Two Errors:
(1) 2013 Ending Inventory Was Overstated

Arnold Pharmacy reported cost of goods sold as follows: $\begin{array}{lc} & \underline{\text{ {2013} }} && \underline{\text{ {2014} }} \\\text { Beginning inventory } & \$ 54,000 & & \$ 64,000 \\\text { Cost of goods purchased } & \underline{\text{ 847,000 }} & & \underline{\text{ 891,000 }} \\\text { Cost of goods available for sale} & 901,000 & & 955,000 \\\text { Ending inventory} & \underline{64,000} & & \underline{\text{ 55,000 }} \\ \text { Cost of goods sold } & \underline{\text{\underline{\text{ \$ 837,000 }} }} && \underline{\text{ \underline{\text{\$ 900,000 }} }} \end{array}$ Arnold made two errors:
(1) 2013 ending inventory was overstated by $6,000.
(2) 2014 ending inventory was understated by $11,000.
Instructions
Assuming the errors had not been corrected, indicate the dollar effect that the errors had on the items appearing on the financial statements listed below. Also indicate if the amounts are overstated (O) or understated (U). $\begin{array}{lc} & &\text {\underline{\text{ \quad\quad2013\quad\quad}} } & & \text {\underline{\text{\quad\quad2014\quad\quad}} } \\ & &\text { Overstated } & & \text { Overstated } \\ & \text { Amount } & \text { Understated } & \text { Amount } & \text { Understated } \\\text { Total assets } & \$ \_\_\_\_& \_\_\_\_ & \$ \_\_\_\ & \_\_\_\ \\\\\text { Stockholders' equity } & \$ \_\_\_\_ &\_\_\_\_ & \$ \_\_\_\_ & \_\_\_\_ \\\\\text { Cost of goods sold } & \$ \_\_\_\_ & \_\_\_\_ & \$ \_\_\_\_ & \_\_\_\_ \\\\\text { Net income } & \$ \_\_\_\_ & \_\_\_\_ &\$ \_\_\_\ &\_\_\_\_ \\ \end{array}$