On July 1, 20X1, CriCo takes out 10%, $10000 note payable that isrndue on July 1, 20X1.

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On July 1, 20X1, CriCo takes out 10%, $10000 note payable that isrndue on July 1, 20X1. No interest is accrued at year-end 20X0. If no corrections are made, which of the following statements is correct?

A). on CriCo's income statement, net income is understated by $500

B). net income is overstated by $500

C). on CriCo's balance sheet, retained earnings is understated by $500

D). on balance sheet, liabilities is overstated by $500

Related Book For answer-question

Essentials of Business Statistics Communicating With Numbers

ISBN: 978-0078020544

1st edition

Authors: Sanjiv Jaggia, Alison Kelly

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Posted Date: Dec 20, 2020 08:15 AM

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On July 1, 20X1, CriCo takes out 10%, $10000 note payable that isrndue on July 1, 20X1.

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Essentials of Business Statistics Communicating With Numbers

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