At the end of the year, the accountant for Quality Painting Contractors prepares financial statements, but neglects to prepare the adjustment for the Supplies account. The balance in the Supplies account at the end of the year is $$4000.$ An actual count shows that the value of supplies on hand at the end of the year is $$700.$The net income for the year as calculated by the accountant is $$47000$ and the total assets are $$145000.$ However, these figures are incorrect because Supplies has not been adjusted.

$($a$)$ Is the net income overstated or understated? By how much?

$($b$)$ Are the assets overstated or understated? By how much?

$($c$)$ What are the correct figures for the net income and the total assets?