Effects of errors on financial statements Obj. 2, 5 For a recent period, the balance sheet for Costco Wholesale Corporation (COST) reported accrued expenses of $3,498 million. For the same period, Costco reported income before income taxes of $3,619 million. Assume that the adjusting entry for $3,498 million of accrued expenses was not recorded at the end of the current period. What would have been the income (loss)

before income taxes?

AppendixLO1