ACC 205 Question 2 – Assignment a. Prepare journal entries to record the transactions. 12/1 Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity. Dr Cash $20,000 Cr Notes payable $20,000 12/10 Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty
Words: 280 - Pages: 2
year-end adjusting entries for 2009. John is an assistant controller. He has a master’s degree in accounting, is a CPA, and has three years of solid experience with a major accounting firm. Karl, John’s immediate boss, a controller, is 20 years older than John, and he has a B.S. in management and a general M.B.A. from a top graduate school. Moreover, he has over 25 years of corporate accounting and finance experience even though he has no public accounting experience. The adjusting entries in question consist
Words: 710 - Pages: 3
critically discuss and analyze the attractiveness of U.S. supermarket industry based on Porter’s five competitive forces namely the threat of entry, the threat of substitutes, the power of buyers, the power of suppliers and the competitive rivalry. The threat of entry: like any other attractive industry, the U.S. supermarket industry has a high barriers to entry that is the factors that need to overcome by new entrants if they are to compete in the industry. These barriers includes differentiation
Words: 1429 - Pages: 6
First movers are companies which were the first to enter a completely new market, therefore offering their customers innovative products and creating new demands for novelty. They can also be companies who were the first to develop a non-existing market in a specific geographical area, which allows them to satisfy the existing demands for customers. These companies are argued to have an advantage over potential new rivals due to their originality in creating a new demand or making an effective decision
Words: 2063 - Pages: 9
waiting for the 4th quarter. On the down side, if sales do not increase as expected, the company would be in substantial trouble. They will have a great deal of over stated income, which will be caught by auditors. They will make adjusting journal entries for this, which will decrease net income. If this decrease is too substantial then the books will be in the negative. Browne understands that the Chatter Chick was over produced, and is prepared to deal with the consequence. Gurchick prefers to
Words: 355 - Pages: 2
Eastern Michigan University DigitalCommons@EMU Senior Honors Theses Honors College 2009 U.S. Business and Global Barriers to Entry Caitlin Long Follow this and additional works at: http://commons.emich.edu/honors Recommended Citation Long, Caitlin, "U.S. Business and Global Barriers to Entry" (2009). Senior Honors Theses. Paper 167. This Open Access Senior Honors Thesis is brought to you for free and open access by the Honors College at DigitalCommons@EMU. It has been accepted for
Words: 8533 - Pages: 35
of inputs Impact of inputs on cost or differentiation Switching costs of firms in the industry Presence of substitute inputs Threat of forward integration Cost relative to total purchases in industry | | THREAT OF NEW ENTRANTS Barriers to Entry Absolute cost advantages Proprietary learning curve Access to inputs Government policy Economies of scale Capital requirements Brand identity Switching costs Access to distribution Expected retaliation Proprietary products | | THREAT OF
Words: 16997 - Pages: 68
Second Pages PART 02 Concept and Analytical Tools 53 hou27541_ch03.indd 53 9/20/2010 10:10:11 AM hou27541_ch03.indd 54 9/20/2010 10:10:11 AM Second Pages CHAPTER 03 Analysing a Company’s External Environment Crafting and Executing Strategy: Creating Sustainable High Performance in South African Businesses Part 1: Scope and Dynamics of Strategy Part 3: Part 2: Concepts and Analytical Tools Crafting a Strategy to Create Sustainable High
Words: 24737 - Pages: 99
Chapter 2 The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis KNOWLEDGE OBJECTIVES 1. Explain the importance of analyzing and understanding the firm’s external environment. 2. Define and describe the general environment and the industry environment. 3. Discuss the four activities of the external environmental analysis process. 4. Name and describe the general environment’s six segments. 5. Identify the five competitive
Words: 14005 - Pages: 57
that has different properties. General Journal completion is actually a permanent process. Here are the main rules of leading a General Journal * The General Journal is called the book of original entry. * A journal is a chronological record of transactions - they are in date order. * Each entry is called a journal entry, and represents a different business transaction. Each transaction is recorded once, and only once. * All journal entries follow the rules of debit and credit
Words: 516 - Pages: 3
