Accrued salaries of $6,750 owed to employees for December 30 and 31 are not considered in preparing the financial statements for the year ended December 31, 2012 Indicate which items will be erroneously stated, because of the error, on (a) The income statement for December 2012 and (b) The balance ...

a Salary expense or expenses will understated by 6750 Net in ...

Accrued salaries of $6,750 owed to employees for December 30 and 31 are not considered in preparing

Question:

Accrued salaries of $6,750 owed to employees for December 30 and 31 are not considered in preparing the for the year ended December 31, 2012. Indicate which items will be erroneously stated, because of the error, on
(a) The income statement for December 2012 and
(b) The as of December 31, 2012.

Also indicate whether the items in error will be overstated or understated.

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