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Prepare a short memo that summarizes how to report loss

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Question - During 2015, a major customer of Kloske Company declared bankruptcy. This particular customer owed $40,000 on account to Kloske at the time of bankruptcy. In reaction to the customer's bankruptcy, Kloske wrote off the entire $40,000 of the customer's account as a loss. The president is concerned about how to report the loss on the company's income statement.

Prepare a short memo that summarizes how to report the $40,000 loss on the financial statements.

Reference no: EM132020901

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