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E3-8 (Adjusting Entries) Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31, Roddick owed his employees $1,900 in wages that will be paid on September 1. $1,900 2. At the end of the month he had not yet received the month's utility bill. Based on past experience, he estimated the bill would be approximately: $600 3. On August 1, Roddick borrowed $30,000 from a local bank on a 15 -year mortgage. The annual interest rate is 8% 4. A telephone bill in the amount of $117 covering August charges is unpaid at August 31.
find an example of an impairment of PP&E or a significant gain or loss (large enough to have an effect on the reported numbers) on the disposal of an asset by a publicly traded firm.
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
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