Compute Person L’s net pay for the eight days’ work paid on February 26.

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Answer 1

Question

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

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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 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Answer 6

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

Answer 7

Chapter 11, Problem 11SP

1.

To determine

Compute Person L’s net pay for the eight days’ work paid on February 26.

Answer 8

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

Answer 9

2.

To determine

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

Answer 10

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

Answer 11

3.

To determine

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

Answer 12

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Answer 13

4.

To determine

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 11 - On December 1, a company signed a 6,000, 90-day,...Ch. 11 - Prob. 2MCQ Ch. 11 - Prob. 3MCQ Ch. 11 - Prob. 4MCQ Ch. 11 - Prob. 5MCQ Ch. 11 - Prob. 1DQ Ch. 11 - Prob. 2DQ Ch. 11 - What are the three important questions concerning...Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ

Compute Person L’s net pay for the eight days’ work paid on February 26.

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Compute Person L’s net pay for the eight days’ work paid on February 26.

Prepare journal entry to record the journal entry to reflect the payroll payment to Person L as computed in requirement 1.

Prepare journal entry to record to reflect the employer payroll tax expenses for the February 26 payroll payment.

Prepare journal entry to record the merchandise sold on March 25, if a 4% sales tax rate applies.

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Chapter 11 Solutions