Acompany forgot to prepare the adjustment to record the current month’s portion of prepaid rent. what is the resulting impact on the financial statements? a : assets will be overstated and liabilities will be overstated. b : assets will be understated and expenses will be overstated. c : liabilities will be understated and expenses will be understated. d : assets will be overstated and net income will be overstated.

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation