Business, 12.02.2020 00:30 pacerskora

A large account receivable from Taylor Industries was considered fully collectible at September 30, Year 5, the balance sheet date. Taylor suffered a plant explosion on October 25, Year 5. Because Taylor was uninsured, it is unlikely that the account will be paid. How should this event be presented in the entity’s financial statements?
A.

Disclosure by means of supplemental, pro forma financial data.

B.

Adjustment of the financial statements for the year ended September 30, Year 5.

C.

Disclosure in a note to the financial statements.

D.

No financial statement disclosure.

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