On October 31, before wachowski industries prepared their month end adjusting entries, they had $60000 in revenue for October that had not been billed, and were waiting for invoices for expenses incurred totaling $48000. Before any accounts were adjusted, wachowski industries would be showing

a. Understated profit of $60000

overstated liabilities of $48000

c. Overstated profit of $12000

d. Understated assets of $60000