You are the internal auditor for the Collins Corp. and have discovered that the accounting clerk had failed to update the account balances when completing the adjusted trial balance for the following items. For each item, indicate what effects, if any, these omissions would have on the stated components of Collins Corp.s 2020 Income Statement and 12/31/20 Balance Sheet. Assume no income taxes.

Use the following code for your answers and be sure to include the dollar amounts of the effects next to the letter O or U

N = No Effect

O = Overstated

U = Understated

Print these pages out and fill in the boxes. You can add spaces yourself since this is a Word doc that you can edit. Show your thought process (work) below the box:

Additional Information	12/31/20 Assets	12/31/20 Liabilities	12/31/20 Owners' Equity	2020 Net Income
$2,000 interest on a loan had accrued but was not recorded

Additional Information	12/31/20 Assets	12/31/20 Liabilities	12/31/20 Owners' Equity	2020 Net Income
The estimated uncollectible accounts receivable is now zero and should be $25,000.

Additional Information	12/31/20 Assets	12/31/20 Liabilities	12/31/20 Owners' Equity	2020 Net Income
$10,000 of the recorded rent expense relates to next year (2021).

Additional Information	12/31/20 Assets	12/31/20 Liabilities	12/31/20 Owners' Equity	2020 Net Income
$27,000 in depreciation on some equipment was never recorded.

Additional Information	12/31/20 Assets	12/31/20 Liabilities	12/31/20 Owners' Equity	2020 Net Income
$4,000 in cash dividends declared and paid in December 2020 were unrecorded.

If net income for 2020 had been computed as $230,000 before you came along and fixed things, what should it actually be? Show your work.

$________________