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Problem 1: Amamurthy Corporation plans to prepare its annual financial statements for its shareholders for fiscal year ending June 30, 2012. Record whether each transaction for Amamurthy Corporation overstated (O) or understated (U) net income, total assets, total liabilities, or stockholders' equity. You may assume closing entries have been made. If a category is correct, then write (C). Amamurthy purchases a 3 month insurance policy that begins in May 2012 for $600 and records this payment as prepaid insurance. Amamurthy records nothing further as of June 30, 2012 relating to this insurance policy.
Total Assets: O, U ,C ? Total Liabilities: O, U ,C ? Net Income: O, U ,C ? Stockholders' Equity: O, U ,C ?
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