Core Concepts of Accounting Information Systems (NEW!!)
14th Edition
ISBN: 9781119373667
Author: Mark G. Simkin; James L. Worrell; Arline A. Savage
Publisher: WILEY
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Question
Chapter 2, Problem 23P
a.
To determine
Discuss the history of XBRL and identify the professional accounting organization that helped in the early stages of XBRL.
b.
To determine
Discuss the XBRL specification, its latest version, the period it was released, and the person who released it.
c.
To determine
Discuss the main points of the article that explains the way in which XBRL could help a company engage in continuous reporting.
d.
To determine
Discuss the companies which publish their financial statements on the internet using XBRL.
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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 $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: From an investor standpoint, do you think that the effect of the inventory write-down should be considered when…
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Chapter 2 Solutions
Core Concepts of Accounting Information Systems (NEW!!)
Ch. 2 - Prob. 1TYCh. 2 - Prob. 2TYCh. 2 - Prob. 3TYCh. 2 - Prob. 4TYCh. 2 - Prob. 5TYCh. 2 - Prob. 6TYCh. 2 - Prob. 7TYCh. 2 - Prob. 8TYCh. 2 - Prob. 9TYCh. 2 - Prob. 10TY
Ch. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18PCh. 2 - In Discussion Question 2-1, you discussed...Ch. 2 - Prob. 20PCh. 2 - Prob. 23PCh. 2 - Prob. 26PCh. 2 - Prob. 27PCh. 2 - Prob. 30CACh. 2 - Prob. 32CACh. 2 - Prob. 34CA
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- Need correct answer general Accountingarrow_forwardYear 0123 Cash Flow -$ 19,000 11,300 10,200 6,700 a. What is the profitability index for the set of cash flows if the relevant discount rate is 11 percent? Note: Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161. b. What is the profitability index for the set of cash flows if the relevant discount rate is 16 percent? Note: Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161. c. What is the profitability index for the set of cash flows if the relevant discount rate is 23 percent? Note: Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161. a. Profitability index b. Profitability index c. Profitability indexarrow_forwardSol This question answerarrow_forward
- 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 is the impact on Abercrombie & Fitch's financial statements from the write-down of its logo-adorned merchandise…arrow_forwardTherefore the final answerarrow_forwardAns ? General Accounting questionarrow_forward
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