Time Left:0:26:51 Hunter McKay: Attempt 1 4) $7,270 Question 9 (1 point) At March 1, I. Repo Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $950 and consumed supplies of $800. If no adjusting entry is made for supplies: 1) stockholders' equity will be overstated by $800. 2) expenses will be understated by $950. 3) assets will be understated by $350. 4) net income will be understated by $800. Question 10 (1 point) The following is selected information from C Corporation for the fiscal year ending October 31, 2017. Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2016 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $150,000 225,000 85,000 24,000 119,000 50,000 Based on the accrual basis of accounting, what is C Corporation's net income for the year ending October 31, 2017? M