School Time Corp. completed a physical inventory at the end of 2014. A review of the physical inventory procedures and records uncovered several errors that are described below. In the columns provided, indicate the effect, if any, on the four financial statement items listed. Use the following codes for your answers:
O Overstatement U Understatement NE No Effect

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The Answer of School Time Corp. completed a physical inventory at the end of 2014. A review of the physical inventory procedures and records uncovered several errors that are described below. In the columns provided, indicate the effect, if any, on the four financial statement items listed. Use the following codes for your answers:
O Overstatement U Understatement NE No Effect