Goods purchased were shipped Dec. 31, 2018. Goods and invoice were not received until Janu...

Goods purchased were shipped Dec. 31, 2018. Goods and invoice were not received until January 10, 2019. FOB shipping. The company’s practice is not to record liability until the receipt of the invoice. Is this an unrecorded liability as of 12/31/18? Was 2018 net income misstated?

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