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Silk Company's December 31 year-and financial statements had the following Docombor 21 2014 Daccribor 31. 2015 Ending Inventory P13,500 understated P19.500 overstated Depreciation expense 3,600 understated Unearned rental 6,000 understated Prepaid insurance 8,000 understated There were no other errors during the your. 2014 or 2015 and no corrections have been made for any of the errors. (Ignore income tax considerations) What is the net effect of the errors on Silk's 2015 net income? (2) Understated by P13,000 (b) Overstated by P14,800 (c) Overstated by P20,300 (d) Overstated by P25,300 2. While examining the accounts of Grandma Compiny on Dec 31, 2015, the following errors were uncovered: Dividends of P100,000 had been declared on December 15, 2015 but was not recorded in the books. Improvements in buildings and equipment for P480,000 had been debited to expense at the end of April in 2014. Improvements are estimated to have an estimated life of & years. The company failed to record sales commissions payable amounting to P10,500 and P19,000 at the end of 2014 and 2015. respectively Supplies on hand amounting to P6,000 and P15,000 were not recognized at the end of 2014 and 2015, respectively. What is the net effect of the above errors in the 2015 net income? (2) P59 500 over (b) P70,000 over (9) P74.500 over (d) P85,000 over 3. The following errors were discovered in the course of examination of the Silver Company's financial records: . Your 1014 wages payable for P34,000 was not recorded. . Accrued vacation pay for the year 2014 for P62,500 was not recorded because the bookkooper "byvor learned that you had to do it". " Insurance for a 12-month porlod purchased on November 1, 3914 was charged to expanse in the amount of P37,200 because "the amount of the check is about the same every year". What is the not effect of the above creors on the January 1, 2015 accumulated profits? (2) P59 300 over (bj P65,500 over (0) P96 500 over (d) P127.500 over