Solution-Financial statements and adjust

Financial statements and adjust

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In this illustration, at the end of Year One, the company estimated that $7,000 of its accounts receivable will ultimately prove to be uncollectible. However, in Year Two, that figure is likely to beproven wrong. The actual amount might well be $6,000 or $8,000 or many other numbers. When theprecise figure is known, does a company return to its Year One financial statements and adjust them tothis correct balance? Should a company continue reporting an estimated figure once it has been shownto be incorrect?

Reference no: EM131250680

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Financial statements and adjust

Reference no: EM131250680

Reference no: EM131250680

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