Suppose that Laramie Companys adjusted trial balance ignored the following information. Indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2016 Income Statement and 12/31/16 Balance Sheet. Assume no income taxes.

N= No Effect

O=OVerstated

U=Understated

1) $29,000 of the paid and recorded rent expense pertains to the year 2017.

How did this effect All 4! (No Effect, Understated, or Overstated)

Assets

Liabilities

Owners Equity

Net Income

2) $36000 in depreciation on some equipment was still unrecorded

How did this effect All 4! (No Effect, Understated, or Overstated)

Assets

Liabilities

Owners Equity

Net Income