For a recent year, the balance sheet for The Camp bell Soup Company includes accrued expenses of

Question:

For a recent year, the for The Camp bell Soup Company includes accrued expenses of $553 million. The income before taxes for Campbell for the year was $1,073million.
a. Assume the adjusting entry for $553 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 $1,073 million?
(Round to one decimal place.)
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...