Business, 21.01.2021 03:40, simplekaryme0

Ex 3-22 Effects of error on finacial statments For a recent year, the balance sheet for the Campbell Soup Company includes accrued expenses of $598 million. The income before taxes for the Campbell Soup Company for the year was $1,106 million.

a. Assume the adjusting entry for $598 million of accrued expenses was not recorded at the end of the year. By how much would income before taxes have been misstated?

b. What is the percentage of the misstatement in (a) to the reported income of $1,106 milllion? Round to the one decimal place.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:30, skyvargasov9cad

Peyton taylor drew a map with scale 1 cm to 10 miles. on his map, the distance between silver city and golden canyon is 3.75 cm. what is the actual distance between silver city and golden canyon?

Answers: 3

continue

Business, 22.06.2019 10:10, hausofharris

Karen is working on classifying all her company’s products in terms of whether they have strong or weak market share and whether this share is in a slow or growing market. what type of strategic framework is she using?

Answers: 2

continue

Business, 22.06.2019 12:20, lamwil9432

Selected transactions of the carolina company are listed below. classify each transaction as either an operating activity, an investing activity, a financing activity, or a noncash activity. 1. common stock is sold for cash above par value. 2. bonds payable are issued for cash at a discount

Answers: 2

continue

Business, 22.06.2019 17:00, whitakers87

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. the best way for dan to gain knowledge is to:

Answers: 2

continue

Do you know the correct answer?

Ex 3-22 Effects of error on finacial statments For a recent year, the balance sheet for the Campbel...