Failure to record the supplies used during the year would result in which of the following? a. Stockholders' equity being overstated b. Net income being understated c. Total assets being understated d. An overstatement of liabilities Failure to record depreciation expense for the period results in which of the following? a. Stockholders' equity being overstated b. Net income being overstated c. No effect on total assets d. Net income and stockholders' equity being overstated