Big Sky Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Big Sky Sports is owned and operated by Joe Flannery, a well-known sports enthusiast and hunter. Joe’s wife, Pam, owns and operates Glacier Boutique, a women’s clothing store. Joe and Pam have established a trust fund to finance their children’s college education. The trust fund is maintained by Kalispell State Bank in the name of the children, Trey and Brooke.
a. For each of the following transactions, identify which of the entities listed should record the transaction in its records:
1. Pam deposited a $2,000 personal check in the trust fund at Kalispell State Bank.
2. Pam purchased two dozen spring dresses from a Spokane designer for a special spring sale.
3. Joe paid a breeder’s fee for an English Springer Spaniel to be used as a hunting guide dog.
4. Pam authorized the trust fund to purchase mutual fund shares.
5. Joe paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Big Sky Sports.
6. Received a cash advance from customers for a guided hunting trip.
7. Pam paid her dues to the YWCA.
8. Pam donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
9. Joe paid for dinner and a movie to celebrate their thirtieth wedding anniversary.
10. Joe paid for an advertisement in a hunters’ magazine.
b. What is a business transaction?
Leroy lives in Karasahr where depreciation schedules are not like ours In the initial year, depreciation on all items is 30%, then 50% the following year, and 20% in the ...Jul 10 2021
Which of the following best describes cash flow from financing activities? Select one: a. Interest paid, plus dividends paid, plus increase (or minus decrease) in stock, ...Apr 15 2021
Using vectors, prove that the diagonals of a rhombus are pependicular (see figure).Jul 13 2021
What are your thoughts about the value (or lack of value) of using measures of physiological response such as the galvanometer?2. Turn to and inspect the row in that tabl...Jul 31 2020
Kordell Company recently reported $170,000 in operating income (EBIT). The company s total operating capital is $800,000. The company s after-tax cost of that capital is ...Mar 31 2020
Journalizing current liabilities Erik O’Hern Associates reported short-term notes payable and salaries payable as follows:During 2016, O’Hern paid off both current liabil...Apr 20 2020
Describe the key steps in the flow to equity method for valuing a levered investment.Jun 09 2021
Fowler Credit Bank is offering 7.4 percent compounded daily on its savings accounts. You deposit $5,800 today.How much will you have in the account in 6 years? (Use 365 d...Jul 04 2021
True / False. The average value of an integrable function over an interval of length 2 is always half the function’s integral over that interval. If the statement is true...Nov 23 2017
As you begin your research and investigation, consider the following to get you started: 1.) Discuss the dance tradition you chose in terms of its historical, social, pol...Mar 17 2020