Question

Each part of the comprehensive problem is based on Big Marker (www.bigmarkcr.com). Consider the narrative in Part 1 as necessary in responding to the following questions on business processes. Consider the following transactions from Big Marker's accounting information system. Accrued one month's interest on an existing note payable. $300. Billed 30 communities for monthly dues of $600. Borrowed $10,000 from First National Bank with a 6-month. 4% note payable. Created a Chief Financial Officer position and established a support team for that function. The CFO's annual salary will be $150,000; each support team member will earn $60,000 annually. Depreciated computer servers, $8,000. Hired a new employee for the Development Team. The new employee's salary will be $45. (XX) annually. Paid six months' rent in advance, $12,000. Purchased new computer servers from Dell. $40,000. Reimbursed employees for business expenses: Supplies. $500. Travel, $ 1,500. j. Took an inventory of supplies on hand, which revealed $450 supplies used.