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1. At the balance sheet date, a business owes a mortgage note payable of $350,000, the terms of which provide for monthly payments of $7,000. explain how the liability should be classified on the balance sheet.

2. for a recent year, the balance sheet for the campbell soup company includes accrued expenses of $1,022,000,000. the income before taxes for the campbell soup company for the year was $ 1,001,000,000.

a. assume the accruals apply to the current year and were 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 to the reported income of $1,001,000,000? round to one decimal place.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974785

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