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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 28
Effects of errors on financial statements
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $3,446 million. For the same period, Costco reported income before income taxes of $3,197 million. Assume that the adjusting entry for $3,446 million of accrued expenses was not recorded at the end of the current period. What would have been the income (loss) before income taxes?
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $3,446 million. For the same period, Costco reported income before income taxes of $3,197 million. Assume that the adjusting entry for $3,446 million of accrued expenses was not recorded at the end of the current period. What would have been the income (loss) before income taxes?
Explanation
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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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