Effects of errors on financial statements
For a recent year, the balance sheet for The Campbell Soup Company (CPB) includes accrued expenses of $604 million. The income before taxes for Campbell for the year was $849 million.
a. Assume the adjusting entry for $604 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 $849 million? Round to one decimal place.
Accounting Information Systems
Financial & Managerial Accounting
Corporate Financial Accounting
Cornerstones of Financial Accounting
Probability and Statistics for Engineering and the Sciences
Principles of Economics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Foundations of Business (MindTap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Brief Principles of Macroeconomics (MindTap Course List)
Financial Accounting
College Accounting, Chapters 1-27
Essentials of Economics (MindTap Course List)
Management, Loose-Leaf Version
Accounting Information Systems
Managerial Accounting: The Cornerstone of Business Decision-Making
Intermediate Accounting: Reporting And Analysis
College Accounting (Book Only): A Career Approach
MKTG 12:STUDENT ED.-TEXT
Contemporary Marketing
Financial & Managerial Accounting
Financial Accounting
College Accounting (Book Only): A Career Approach
Accounting (Text Only)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Exploring Economics
Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Statistics for Business & Economics, Revised (MindTap Course List)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Corporate Financial Accounting
Survey of Accounting (Accounting I)
Macroeconomics
Microeconomics
Purchasing and Supply Chain Management
Economics (MindTap Course List)
Cornerstones of Cost Management (Cornerstones Series)
Economics For Today
Practical Management Science
Managerial Accounting
Economics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
Principles of Microeconomics
Micro Economics For Today
Microeconomics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)