Mcmasters corporation purchased a one-year insurance policy on march 1 of the current year for $30,000. the insurance policy will be in effect from march 1 through february 28 of the next year. the company recorded the payment as prepaid insurance. the company neglects to record the year-end adjusting entry at the end of the current year. as a result, the company’s current year net income and assets will be overstated by

$527.7.if the following was the question  $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

The correct answer is  "b)  net income overstated, assets unaffected, liabilities understated, and owner's equity overstated."