A company uses the accrual method and has an accounting year ending 12/31. The following errors were made:

1. a $1500 collection from a customer was received on 12/29/06 but was not recorded until deposited on 1/4/07

2. A suppliers $1900 invoice for inv items received 12/06 was not recorded until Jan 2007(inventories for 2006 and 2007 were stated correctly)

3. Depreciation for 2006 was understated by $700

4. In sept 2000 a $350 invoice for office supplies was charged to utilities expense account. Office supplies are expensed as purchased

5. Dec 31, 2006 sales on account of $2500 were not recorded in Jan 2007, although the merchandise had been shipped and was not in the inventory

After correcting the errors, the corrected net income for 2006 was: overstated by:

The working capital on 12/31/2006 was understated by:

Total assets on 12/31/07 was overstated by: