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Sig J. Digree, Editor and Publisher
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Staff Photographer.George C. Ameigh. Jr.
Mechanical Department.John Salmine and Larry Loomis
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this paper and also the local news published herein.
The Business Mans
Corner
By EUGENE ANTHONY
The Balance Sheet
The balance sheet is a statement
of financial position of a business
as at a certain date. In order to in
terpret this statement intelligently
one must be familiar with those
generally accepted accounting prin
ciples thait are applied in the de
velopment of accounting data.
Financial summaries must be
prepared with the framework of
such standards with both intelli
gence and integrity. Only under
such circumstances can the balance
sheet be received with full appre
ciation and confidence by those
seeking financial information.
Tlhis statement should summar
ize business activities so that data
can be used in evaluating the past
as well as planning the future.
More broadly, the financial posi
tion is the cumulaltive result of all
transactions of the business from
its’ very start.
The balance sheet is an expan
sion of the basic accounting equa
tion, ASSETS = LIABILITIES +
PROPRIETORSHIP. Assets include
both money-cash, receivables, and
secuirities-and those recorded costs
that are recognized as recoverable
and assignable to future revenues;
equipment, patents, prepaid rent,
etc.
Liabilities measure the equities
of the creditor group in the total
resources.
Proprietorship measures the in
terest of the ownership group in
the total resurces of the business.
An ownership equity does not call
for settlement on a maturity date;
in the event of dissolution, it rep
resents a residual equity having a
claim on assets only after creditors
have been fully satisfied.
Classification of asset and liabil
ity balances (current and long
term) makes it possible to arrive
at “working capital”, which is the
liquid buffer available in meeting
demands and contingencies in the
future.
WORKING CAPITAL denotes
the excess of current assets over
current liabilities. Banking and
bonding institutions are vitally in
terested in reviewing the working
capital of a business when applica
tion for a loan or bond is made.
Working capital ratio determines
your ability to meet your obliga
tions when due and denotes the
degree of success of the enterprise.
NEXT—Classification of balance
sheet items.
Council Receives
Request For
Use Of Chambers
The City Council were faced with
a problem when the Jaycees asked
to use Ibhe City Council chambers
as a meeting place.
Considerable discussion ensued,
but resulted in the organization
being turned down. Main reason
for the refusal was that it was felt
this would set a precedent, result
ing in other applications for the
same purpose.
It was brought out that opening
the chamber to groups would in
volve the questions of heat, light,
janitor service, keeping the doors
open, and removal of city parapher
nalia from the room.
The final action taken was to
make the Council chambers avail
able to only government agencies
or those serving government agen
cies.
In other actions during the meet
ing Thursday evening, the applica
tion of the Log Cabin Liquor store
to move its place of business next
door to its present location was
granted. A change of ownership
in the Village Bar was approved.
A letter from the Kodiak Educa
tion Association was read, in which
the organization supported the idea
of a librarian being hired by the
City.
SUNDAY SPECIALS
Mince Meat Cookies.4001)07
Donut Holes.250 no;
TRY OUR TOM & JERRY BATTER
NAUGHTON’S BAKERY
Open Day & Nite
Phone 486—2600
. _ |
Clippers Clipped
Krafts Whip ACS
On Thursday night, in the two
league games played, the high
school Independents clipped Cur
ley’s Clippers by a score of 37-28
and the Kraft’s team led by Billy
Frost’s 23 markers, whipped a hard
fighting ACS team by a score of
49-38.
High for the school boys was Ol
sen with 11 points.
On Monday night, the D and A
quintet was victorious over the
ACS team, winning by a score of
37-30. High for both teams was
Strope of D & A with 13 points
while Regan of ACS also had 13.
The second game resulted in a for
feit for PINA with Cunley’s Clip
pers failing to show up.
Next week’s action finds Coast
Guard meeting ACS at 6:30 Monday
night while PNA tangles with the
CGC Storis five at 8 p. m.
In Thursday night’s action the
high school lads meet the PNA
Flyers at 8 p. m. There is no game
scheduled for 6:30 p. m.
Independents Win
Over Varsity Five
The opening night for the Ko
diak high school Junior Varsity
found the high school Independ
ents too strong for the young Bears.
After leading most of the way
in the first half on baskets by Mc
Cormick and Kozak the high school
Independents, sparked also by Sen
ior Dennis Metrokin’s sharp-shoot
ing, gained a 20-19 margin.
The third quarter scoring found
the Independents garnering 12
points to the J. V.’s 5. Even with a
desperaite press the latter could
never make up the difference, even
though they scored 16 to the Inde
pendents 15 in the fourth quarter.
Final score Independents 48, J. V.’s
40.
Leading both teams was Tom Mc
Cormick of the J. V.’s with 22
points. Wayne Kozak picked up 11
points, and Ronnie Franklin spark
ed the team with excellent ball
handling. High for the Independ
ents was Nelson with 12 and Sime
onoff with 9.
The next Junior Varsity games
are scheduled for Dec. 1 and 2.
Both games are at 6:30 p. m.
Kodiak Students
At Seattle U
SEATTLE, Wash. — Four resi
dents of Kodiak have enrolled at
Seattle University for the 1961-62
academic year.
They are Lothar P. and Reinhard
A. Biermanski, sons of Mr. and Mrs.
Alfred Biermanski, Rena S. Corga
telli, daughter of Mrs. Dora Corga
telli, and Jack R. Healey, son of
Mr. and Mrs. J. R. Healey.
Seattle University’s 1961 fall day
school and combined enrollments
are the largest in the school’s his
tory.
Kodiak-Aleutlan
Realty Services
Land
, Properties
Business
Franchised Dealer for
Lockwall Homes
APPRAISALS
LIFE INSURANCE
Notary Public
Staff Licensed and Bonded
by
State Real Estate Commission
George H. Cornelius, Broker
For Appointment Call 486-2960
Court Cases
Two cases of assault and battery,
one person on a drunk charge, and
a minor arrested for intoxication
gave the Court a light week.
Arrested on a drunk charge,
Emil Knasnikoff was sentenced to
thirty days. Sentence was suspend
ed. The minor arrested on a charge
of intoxication was Richard L.
Searle, who was fined $25 and
given a 30-day jail sentence, both
of which were suspended.
A fine of $25 was levied on Pete
Ponehene when arrested on an as
sault and battery charge. Reggie
Griggs, arrested on a similar
charge, was found not guilty.
The Police Department reports
the following license plates found:
19004; 49160; 18850; and C-31-503.
These can be picked up at the Po
lice Station.
The Department reports unpaid
tickets against owners of cars with
the following licenses: 18900;
18191; and 91872. A special cita
tion will be made unless fines are
paid within 24 hours.
CORNELIUS RETURNS
George Cornelius, owner of the
Kodiak and Aleutian Realty, re
turned this week from Miami, Flor
ida, where he attended the nation
wide convention of the Association
of Realtors.
He reported it the biggest ever.
Bowling is our number one par
ticipation game, nationally speak
ing. The devotees of the game in
the U. S. spent twelve times as
much in 1960 as the total major
league gate receipts.
Officials Needed
Officials for town league games
are needed desperately.
Anyone- interested in refere
eing basketball games is urged
to contact the Coach at the high
school.
ACCA Therapist
(continued from page 1)
books, note paper and various sour
dough products are still available
and are being sold on the base and
in town.
“Mrs. Ruth Saari of the USNS
deserves a ‘thank you’ from the
organization as she has worked so
willingly, encouraging interest in
ACCA on the base. She and the
groups working with her have col
lected nearly $1,000 from the sale
of Christmas cards and the above
mentioned novelties,” said a
spokesman for the ACCA.
“Hats off also to the Coast Guard
Wives Club for so kindly donating
the profits from the recent cake
sale they held,” she added.
' * a »
; | The Sign of Quality Clothing ! ►
CHRISTMAS SHOP '►
' ’ •»
\ I For The Whole Family | |
\ I In The Comfort of Your Home | *
PHONE 486—5173 • ►
|| a ►
!! for appointment 11
1 »♦♦♦♦' a
«
> m j HIM
> paliMflpkllH
> ■ J iii IJ rr •■
- ■ 3 1 I I I I 1 H i Vi
«»
* *
» * ^
The Perfect Gift
« ►
« »
« »
« ►
For All Occasions
< ►
• «»
Fresh
; flowers ;;
Flowering BT WIRE
Potted Plants
. « *
> « »
> « »
. « ►
i Call Millie at the Montmartre Inn j;
» 0 I
Phone 486-2332
KN IDS N’S
CHRISTMAS CARDS
Are now in season. Drop in and make your selection
♦ ♦ ♦
CAMERAS, FLASH BULBS, TRIPODS, PROJECTORS,
TAPE RECORDERS, FILM AND PHOTO FINISHING
♦ * * '
Alaskan Gift Items
* * *
PARKAS
That are warm and attractive
* * *
ALASKAN JEWELRY
Jade - Ivory - Nugget
* * * |
TOYS AND DOLLS
FOR LITTLE GUYS and LITTLE MOLLS
KHDDSEN’S — Where All Kodiak Shops I