Q4. Use this information to answer the following questions: You are reviewing XYZ's adjusted trial balance for the year ended 12/31/2024. You notice several omissions, incorrect lems and additional information during your review, some of which are noted below. For each one, you are to determine what offe any, these items would have on the stated components of XYZ's 2024 Income Statement and 12/31/2014 are not corrected or updated. Assume no income taxes. An answer (N, Oor U) must be provided in each individuale not include dollar amounts. Instructions: Use the following code for your answers and Copy the table below to answer in the given table format N = No Effect O=Overstated U = Understated Additional Information 12/31/24 Assets Sales for the first four days of January 2025 are recorded as of December 31, 2024 $12,000 1 year insurance policy with an effective date of 3/1/24 was purchased and recorded as insurance expense. No further entries have been recorded. 12/31/24 Liabilities 12/31/24 12/31/24 12/31/24 Retained Earnings Revenue MacBook Air L 88

Q4. Use this information to answer the following questions: not include dollar amounts. N=NoEffect O=Overstated U=Understated Additional Information Sales for the first four days of January 2025 are recorded as of December 31,2024 insurance O=OverstatedU=Understated Additional Information Sales for the first four days of January 2025 are recorded as of December 31,2024 $12,0001 year insurance policy with an effective date of 3/1/24 was purchased and recorded as insurance expense. No further entries have been recorded. Wages of $8,000 have been earned but not yet paid as of December 31,2024 . No adjusting entry has been recorded