Determine the sequence in which the decisions should be made.

Question

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Answer 1

Question

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

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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?

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Answer 2

Question

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

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Answer 3

Question

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

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Answer 4

Question

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

Expert Solution & Answer

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Answer 5

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

Answer 6

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

Answer 7

Chapter 13, Problem 32DQP

(a).

To determine

Determine the sequence in which the decisions should be made.

Answer 8

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

Answer 9

(b).

To determine

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

Answer 10

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

Answer 11

(c).

To determine

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

Answer 12

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

Answer 13

(d).

To determine

Determine the correct sequence for audit of payroll expenses and related liability.

Answer 14

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

Answer 15

(e).

To determine

Determine the correct sequence for audit of inventory and related inventory cost records.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 13 - Prob. 1RQ Ch. 13 - Prob. 2RQ Ch. 13 - Prob. 3RQ Ch. 13 - Prob. 4RQ Ch. 13 - Prob. 5RQ Ch. 13 - Prob. 6RQ Ch. 13 - Explain how the calculation and comparison to...Ch. 13 - Prob. 8RQ Ch. 13 - Prob. 9RQ Ch. 13 - For each of the eight types of evidence discussed...

Determine the sequence in which the decisions should be made.

Solution Summary: The author explains that the auditor should determine the sequence in which the decisions should be made. The sequence for audit of sales and collection cycle and accounts receivable is E, A, H, D.

Concept explainers

Determine the sequence in which the decisions should be made.

Determine the proper sequence for audit of sales and collection cycle and accounts receivable.

Determine the correct sequence for audit of property, plant, equipment and plant acquisitions records.

Determine the correct sequence for audit of payroll expenses and related liability.

Determine the correct sequence for audit of inventory and related inventory cost records.

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Chapter 13 Solutions