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ACCT.PRINCIPLES (LL)-PACKAGE
14th Edition
ISBN: 9781119707103
Author: Weygandt
Publisher: WILEY
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Chapter 2, Problem 6E
a.
To determine
Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.
To determine: The debit and credit analysis for each transaction for the period.
b.
To determine
Introduction: Journal is a book of original entry in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking in to account the rules of the double entry book-keeping system.
To prepare: The
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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?
Chapter 2 Solutions
ACCT.PRINCIPLES (LL)-PACKAGE
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 5QCh. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10QCh. 2 - Prob. 11QCh. 2 - Prob. 12Q
Ch. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 21QCh. 2 - Prob. 1BECh. 2 - Prob. 3BECh. 2 - Prob. 4BECh. 2 - Prob. 6BECh. 2 - BE2-7 Selected transactions for the Brook Wang...Ch. 2 - Prob. 1DIECh. 2 - Prob. 3DIECh. 2 - E2-1 Kim Yi has prepared the following list of...Ch. 2 - Prob. 3ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 17ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 1ECCh. 2 - Prob. 1EYCTCh. 2 - Prob. 2EYCTCh. 2 - Prob. 3EYCTCh. 2 - Prob. 5EYCTCh. 2 - Prob. 1IFRP
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