Financial Statement Effect For the following unrelated situations, determine whether the assets, liabilities, stockholders' equity, income and/or expense are overstated, understated or properly stated: a. Interest on a Note Receivable is due every six months. No adjustment has been made in the current month. b. Speedy Delivery purchased a delivery truck at the beginning of the year and increased the Truck fixed asset account. No adjustment has been made in the current period to record depreciation. C. Payment was received in advance on a six-month contract to provide web design services and it increased Advances from Customers. The contract is one-third complete. No adjustment has been made. Balance Sheet Liabilities Income Statement Revenue Expenses Assets Equity Overstated Properly stated Understated Check