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  3. on july 1, 20x0, crico takes out a 10%, $10,000 no

On July 1, 20x0, CriCo takes out a 10%, $10,000 note payable that is due...

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Accounting

On July 1, 20x0, CriCo takes out a 10%, $10,000 note payable that is due 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 20X0 income statement, net income is understated by $500 B. On CriCo's 20X0 income statement, net income is overstated by $500 C. CriCo's 20X0 balance sheet, retained earnings is understated by $500 D. On CriCo's 20X0 what sheet, liabilities are overstated by $500

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