In your audit of the financial statements of Wolfe Company for the year ended April 30

In your audit of the financial statements of Wolfe Company for the year ended April 30, you find that a material account receivable is due from a company in reorganization under Chapter 11 of the Bankruptcy Act. You also learn that on May 28 several former members of the bankrupt company’s management formed a new company and that the new company had issued a note to Wolfe Company that would pay off the bankrupt customer’s account receivable over a four-year period. What presentation, if any, should be made of this situation in the financial statements of Wolfe Company for the year ended April 30? Explain

 

 

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