If a company fails to record accrued interest revenue at the end of its fiscal year, all else being equal, what are the effects on its net income, total assets, total liabilities, and total stockholders' equity?

Net income:
A. overstated
B. understated
C. no effect

Total assets :
A. overstated
B. understated
C. no effect

Total liabilities:
A. overstated
B. understated
C. no effect

Total stockholders' equity:
A. overstated
B. understated
C. no effect

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?