Atomic Company incorrectly recorded a December 2009 credit purchase of inventory during January 2010.Assuming that the December 31,2009 ending inventory was correctly determined,what is the effect of this error on the financial statements for the year ended December 31,2010?
A) Net income is not affected.
B) Stockholders' equity is not affected.
C) Net income is overstated.
D) Stockholders' equity is overstated
Correct Answer:
Verified
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