Other postretirement benefit plans : The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans. Postretirement benefit expense : This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows: Date Account Titles and Explanation Post Ref. Debit Credit Postretirement Benefit Expense XXX Plan Assets XXX Amortization of Net Gain–OCI XXX Accumulated Postretirement Benefit Obligation XXX Amortization of Net Loss–OCI XXX Amortization of Prior Service Cost–OCI XXX (To record postretirement benefit expense) Table (1) To find : The effect of amortization of net gain

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Answer 1

Question

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

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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 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

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Answer 3

Question

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

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Answer 4

Question

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

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Answer 5

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

Answer 6

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

Answer 7

Chapter 17, Problem 4CPA

To determine

Other postretirement benefit plans: The postretirement benefit plans which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefit plans.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. The postretirement benefit expense is recorded as follows:

Date Account Titles and Explanation Post Ref. Debit Credit

Postretirement Benefit Expense XXX

Plan Assets XXX

Amortization of Net Gain–OCI XXX

       Accumulated Postretirement Benefit Obligation XXX

       Amortization of Net Loss–OCI XXX

       Amortization of Prior Service Cost–OCI XXX

(To record postretirement benefit expense)

Table (1)

To find: The effect of amortization of net gain

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

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Chapter 17 Solutions

Date	Account Titles and Explanation	Post Ref.	Debit	Credit
	Postretirement Benefit Expense		XXX
	Plan Assets		XXX
	Amortization of Net Gain–OCI		XXX
	Accumulated Postretirement Benefit Obligation			XXX
	Amortization of Net Loss–OCI			XXX
	Amortization of Prior Service Cost–OCI			XXX
	(To record postretirement benefit expense)