Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

Question

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Answer 1

Question

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

f.

To determine

Describe how the amount of financial statements are rounded.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

Question

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

f.

To determine

Describe how the amount of financial statements are rounded.

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Answer 3

Question

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

f.

To determine

Describe how the amount of financial statements are rounded.

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Answer 4

Question

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

f.

To determine

Describe how the amount of financial statements are rounded.

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Answer 5

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

f.

To determine

Describe how the amount of financial statements are rounded.

Answer 6

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

Answer 7

Chapter 1, Problem 4EYK

a.

To determine

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

Answer 8

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

Answer 9

b.

To determine

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

Answer 10

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

Answer 11

c.

To determine

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

Answer 12

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

Answer 13

d.

To determine

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

Answer 14

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

Answer 15

e.

To determine

Describe the Significant estimates used in the preparation of the company’s financial statements

Answer 16

f.

To determine

Describe how the amount of financial statements are rounded.

Answer 17

f.

To determine

Describe how the amount of financial statements are rounded.

Answer 18

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Answer 19

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Answer 20

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Answer 21

Ch. 1 - Prob. 1SSQ Ch. 1 - Prob. 2SSQ Ch. 1 - Prob. 3SSQ Ch. 1 - Prob. 4SSQ Ch. 1 - Prob. 5SSQ Ch. 1 - Prob. 6SSQ Ch. 1 - Prob. 7SSQ Ch. 1 - Prob. 8SSQ Ch. 1 - Prob. 9SSQ Ch. 1 - Prob. 10SSQ

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

Describe whether the financial statement of Company C is audited and define the firm that performed the audit of Company C.

Define the amount of net income of Company C for the year 2011, and compare it with the net income of 2010.

Ascertain the amount of cash provided or used for investing activities, and describe the major sources and uses of cash from investing activities.

Describe the amount of accrued liabilities for the year 2011, and explain the items that make up the balance of accrued liabilities.

Describe the Significant estimates used in the preparation of the company’s financial statements

Describe how the amount of financial statements are rounded.

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Chapter 1 Solutions