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    Shevina Maghari shsnohs
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    9 views18 pages

    Chapter 4

    Uploaded by

    Shevina Maghari shsnohs

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 18
    BASIC ACCOUNTING Weather oF no! ow : , t!_The moral of the following story is to look for a’potentially prosperous technology gathering dust and exploit it in a good way. That’s what Frederic Fox, 34, did when he bought a business that supplied advisory services to large corporations. After renaming the acquired company as Strategic Weathef Services (SWS) Inc., Fox expanded his core business—patented technology that forecasts weather 12 months in advance in North America and Europe, and analyzes business techniques to predict a company's success. Today, his 90-employee firm projects 1999 sales of US$13.0 million from its three divisions. One division helps retailers and manufacturers plan sales based on long-range weather data. Another division helps utility companies plan operations. Launched late last year, the third division offers’ consumers . the popular WeatherPlanner, the long-range weather forecasting via a web site. g Fox did not know if the WeatherPlanner concept would prosper. He seriously considered starting the business only after consulting SWS meteorologists in 1993 to plan his wedding. His fiancée’s requirement was for Fox to ensure that their wedding would be free from rain. It was rain-free. In 1994, WeatherPlanner hit the drawing board. Adapted from: Business Start-Ups, April 1999. Fox provides people with valuable information—weather forecasts twelve months in advance in North America and Europe. His weather services help businesses plan their operations. Fox is using data to study the weather cycle in that part of the world. In parallelism, entities also have their own “weather” cycle—the accounting cycle. / The analysis of transactions should follow these four basic steps: 1. @ldentify the transaction from source documents. : 2. tniicate hievaccounts—

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