In one company, the year-end date was June 31, when the audit report would be issued on
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Question:
In one company, the year-end date was June 31, when the audit report would be issued on July 7. However, on July 1, the company learns that one of its major investors is bankrupt; in this case, the auditor must ensure that such an event is recorded.
Typically, if one of your large accounts receivable customers files for bankruptcy, it would affect the value of the accounts receivable balance expected on the last day of your year-end, June 30.
So how would an investor affect the results of the business?
Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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