You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/18. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2018 Income Statement and 12/31/18 Balance Sheet if they are not corrected or updated. Assume no income taxes.

Use the following code for your answers. You need not include any dollar amounts.
N = No Effect
O = Overstated
U = Understated

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Question

Use the following code for your answers. You need not include any dollar amounts.
N = No Effect
O = Overstated
U = Understated

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Quizplus · Accepted Answer

The Answer of You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/18. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2018 Income Statement and 12/31/18 Balance Sheet if they are not corrected or updated. Assume no income taxes.

Use the following code for your answers. You need not include any dollar amounts.
N = No Effect
O = Overstated
U = Understated

-

You Are Reviewing O'Brian Co