Question

For a recent period, the balance sheet for Save-A-Lot Corporation reported accrued expenses of $520,543. For the same period, Save-A-Lot reported income before income taxes of $169,176. Assume that the adjusting entry for $520,543 of accrued expenses was not recorded at the end of the current period What would have been the income (loss) before income taxes

Answer 1

As the adjusting entry of accrued expenses was not recorded, the Income (Loss) before income taxes is $689,719.

What is a balance sheet?

A balance sheet refers to the summary of the financial balances of an individual or organization.

As the adjusting entry for accrued expenses was not recorded at the end of the current period that means the profit will be inflated at the end of the current period. The income before income taxes is $689,719 ($520,543 + $169,176).

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