Ann M. Martin Company makes the following errors during the current year.

1.Overstatement of ending inventory and understatement of sales, but sales were recorded the next year.

2. Purchases of the current year are recorded in the following year (corresponding goods properly included in the ending inventory of the current year).

3. Sales of the current year recorded in the following year (corresponding goods were properly excluded from ending inventory of the current year).

4. Understatement of ending inventory and understatement of sales, but sales were recorded the next year. Instruction:

Indicate the effect of each of these errors on ASSETS, LIABILITIES, OWNERS EQUITY, SALES, COST OF GOODS SOLD, AND NET INCOME for the current year and the subsequent year.