Tost borrow from a famous advertising campaign, "Sport Clips is not your father's barber shop!" Sport Clips is designed specifically for men and boys. It is a place where up-to-date styles and cuts are combined with extras that appeal to men of all ages. Its mission is to provide a "championship haircut experience for men and boys in an exciting sports environment." Sport Clips is a franchising operation started in Austin, Texas, in 1993 by Gordon Logan. Mr. Logan has an interesting background. After serving in the United States Air Force, he received a degree from MIT and then went on to earn an MBA from the Wharton School of Business. He is also a retired Certified Public Accoun- tant (CPA) in the state of Texas. Prior to founding Sport Clips, he owned several salons in Texas but clearly rec- ognized the need for a place where a guy could get a haircut and say, "This is my kind of place.” Sport Clips has experienced tremendous growth and success. By 2012, it had opened its 500th salon and expanded into Canada. Today it has more than 1,500 salons with locations in all 50 states. As a veteran, Mr. Logan gives back to veterans. Since 2007, Sport Clips stores have helped to raise almost $4 million through the company's Help A Hero program. Sport Clips is also involved in numerous charitable organiza- tions and has been recognized for its work with Habitat for Humanity and the Boys & Girls Clubs of America. As a service business similar to Delgado Web Services, each Sport Clips shop keeps track of its own revenues and expenses. Each shop must estab- lish a list of accounts for recording its daily business transactions. Source: www.sportclips.com CRITICAL THINKING 1. What asset and liability accounts might a Sport Clips salon use to record its transactions? ups lls 2. List at least two transactions that a Sport Clips salon might record.
Tost borrow from a famous advertising campaign, "Sport Clips is not your father's barber shop!" Sport Clips is designed specifically for men and boys. It is a place where up-to-date styles and cuts are combined with extras that appeal to men of all ages. Its mission is to provide a "championship haircut experience for men and boys in an exciting sports environment." Sport Clips is a franchising operation started in Austin, Texas, in 1993 by Gordon Logan. Mr. Logan has an interesting background. After serving in the United States Air Force, he received a degree from MIT and then went on to earn an MBA from the Wharton School of Business. He is also a retired Certified Public Accoun- tant (CPA) in the state of Texas. Prior to founding Sport Clips, he owned several salons in Texas but clearly rec- ognized the need for a place where a guy could get a haircut and say, "This is my kind of place.” Sport Clips has experienced tremendous growth and success. By 2012, it had opened its 500th salon and expanded into Canada. Today it has more than 1,500 salons with locations in all 50 states. As a veteran, Mr. Logan gives back to veterans. Since 2007, Sport Clips stores have helped to raise almost $4 million through the company's Help A Hero program. Sport Clips is also involved in numerous charitable organiza- tions and has been recognized for its work with Habitat for Humanity and the Boys & Girls Clubs of America. As a service business similar to Delgado Web Services, each Sport Clips shop keeps track of its own revenues and expenses. Each shop must estab- lish a list of accounts for recording its daily business transactions. Source: www.sportclips.com CRITICAL THINKING 1. What asset and liability accounts might a Sport Clips salon use to record its transactions? ups lls 2. List at least two transactions that a Sport Clips salon might record.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:T
borrow from a famous advertising campaign,
"Sport Clips is not your father's barber shop!" Sport
Clips is designed specifically for men and boys. It is ao
place where up-to-date styles and cuts are combined
with extras that appeal to men of all ages. Its mission is
to provide a "championship haircut experience for men
and boys in an exciting sports environment."
Sport Clips is a franchising operation started in
Austin, Texas, in 1993 by Gordon Logan. Mr. Logan has
an interesting background. After serving in the United
States Air Force, he received a degree from MIT and
then went on to earn an MBA from the Wharton School
of Business. He is also a retired Certified Public Accoun-
tant (CPA) in the state of Texas. Prior to founding Sport
Clips, he owned several salons in Texas but clearly rec-
ognized the need for a place where a guy could get a
haircut and say, "This is my kind of place."
Sport Clips has experienced tremendous growth
and success. By 2012, it had opened its 500th salon and
expanded into Canada. Today it has more than 1,500
KEN WOLTER/SHUTTERSTOCK.COM
salons with locations in all 50 states. As a veteran,
Mr. Logan gives back to veterans. Since 2007, Sport
Clips stores have helped to raise almost $4 million
through the company's Help A Hero program. Sport
Clips is also involved in numerous charitable organiza-
tions and has been recognized for its work with Habitat
for Humanity and the Boys & Girls Clubs of America.
As a service business similar to Delgado Web
Services, each Sport Clips shop keeps track of its
own revenues and expenses. Each shop must estab-
lish a list of accounts for recording its daily business
transactions.
Source: www.sportclips.com
CRITICAL THINKING
1. What asset and liability accounts might a Sport Clips
salon use to record its transactions?
2. List at least two transactions that a Sport Clips salon
might record.
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