Is net income under- or overstated when purchased merchandise is counted and included in the inventory balance

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Is net income under- or overstated when purchased merchandise is counted and included in the inventory balance but not recorded as a purchase?

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 04:42 AM

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Is net income under- or overstated when purchased merchandise is counted and included in the inventory balance

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Accounting concepts and applications

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