Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Question
Chapter 1, Problem 3E
a)
To determine
Identify the given transactions and their associated entities.
b)
To determine
Explain the business transaction.
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Business entity conceptBig 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 trustfund 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:
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G
Glacier Boutique
K
Kalispell State Bank
B
Big Sky Sports
X
None of the above
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…
Business entity assumption
Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark is owned and operated by Eric Griffith, a well-known sports enthusiast and hunter. Eric's wife, Linda, owns and operates Lake Boutique, a women's clothing store. Eric and Linda have established a trust fund to finance their children's college eductation . The trust fund is maintained by Missouri Stale Bank in the name of the children, Mark and Steffy
A. For each of the following transactions, identity which of the entities listed should record the transction in its records:
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M
Missouri State Bank
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Ozark Sports
X
None of the above
1.Lind authorized the trust fund to purchase mutual fund shares.
2.Linda purchased two dozen spring dresses from a St.Luis designer for a special spring sale.
3. Eric paid a breeder's fee for an English springer spaniel to be used as a hunting guide dog.
4.Linda deposited a $2000…
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:
Entities
Glacier Boutique
G
Kalispell State Bank
Big Sky Sports
К
В
X
None of the above
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 use
guide dog
4. Pam authorized the trust fund to purchase mutual fund shares
as a…
Chapter 1 Solutions
Financial And Managerial Accounting
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Josh Reilly is the owner of Dispatch Delivery...Ch. 1 - On July 12, Reliable Repair Service extended an...Ch. 1 - Prob. 6DQCh. 1 - Describe the difference between an account...Ch. 1 - A business had revenues of 679,000 and operating...Ch. 1 - A business had revenues of 640,000 and operating...Ch. 1 - The financial statements are interrelated. (A)...
Ch. 1 - Prob. 1BECh. 1 - Accounting equation Be-The-One is a motivational...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Statement of stockholders equity Using the income...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Ratio of liabilities to stockholders equity The...Ch. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Accounting equation The total assets and total...Ch. 1 - Prob. 5ECh. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Inspirational Inc. is a...Ch. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Effect of transactions on stockholders equity...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items Based on the data presented...Ch. 1 - Statement of stockholders equity Financial...Ch. 1 - Income statement Imaging Services was organized on...Ch. 1 - Prob. 20ECh. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty was organized...Ch. 1 - Transactions On April 1 of the current year,...Ch. 1 - Financial statements The assets and liabilities of...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On August 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - PR 1-2 B Financial statements The assets and...Ch. 1 - Financial statements 1. Net income: 10,900 Jose...Ch. 1 - Transactions; financial statements 2. Net income:...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Prob. 1MADCh. 1 - Analyze The Home Depot for three years The Home...Ch. 1 - Analyze Lowes for three years Lowes Companies,...Ch. 1 - Compare The Home Depot and Lowes Using your...Ch. 1 - Compare Papa Johns and Yum! Brands The following...Ch. 1 - Prob. 1TIFCh. 1 - Prob. 2TIFCh. 1 - Prob. 4TIFCh. 1 - Prob. 5TIFCh. 1 - Prob. 6TIF
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