The adjusting entry to adjust supplies was omitted at the end of the year. this would affect the income statement by having a. expenses understated and therefore net income overstated b. revenues understated and therefore net income understated c. expenses understated and therefore net income understated d. expenses overstated and therefore net income understated

The answer is: A) expenses understated and therefore net income overstated

Explanation:

Supplies are an essential part of the Cost of Goods Sold (COGS), so if they weren't adjusted at the end of the year, the COGS will be lower than they should be.

If COGS are artificially low, then the gross income (and net income) will be artificially high.

a loan? that’s my guess, anywho.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.