Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

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Answer 1

Question

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

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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 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

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Answer 3

Question

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

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Answer 4

Question

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

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Answer 5

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 6

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 7

Chapter 11, Problem 4E

1)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 8

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 9

2)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 10

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 11

3)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 12

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 13

4)

To determine

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 11 - Prob. 1QS Ch. 11 - Prob. 2QS Ch. 11 - Prob. 3QS Ch. 11 - Prob. 4QS Ch. 11 - Prob. 5QS Ch. 11 - Prob. 6QS Ch. 11 - Prob. 7QS Ch. 11 - Prob. 8QS Ch. 11 - Prob. 9QS Ch. 11 - Prob. 10QS

Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method. To prepare: The journal entry for stock issuance.

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Chapter 11 Solutions

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.

Introduction: Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for stock issuance.