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What should the company do from an accounting

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Question - ABC Inc's largest customer declared bankruptcy shortly after the company's fiscal year end but well before the financial statements for the last year were issued. The company accounted for roughly 80% ABC's revenues. On the date of bankruptcy, the company owed ABC Inc. $500,000 for purchases it made from ABC Inc during the preceding fiscal year. Given the above, what should the company do from an accounting/financial reporting standpoint?

Reference no: EM132573432

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