Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 9EA
Prepare an income statement using the following information for DL Enterprises for the month of July 2018.
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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
Principles of Accounting Volume 1
Ch. 2 - Which of these statements is not one of the...Ch. 2 - Stakeholders are less likely to include which of...Ch. 2 - Identify the correct components of the income...Ch. 2 - The balance sheet lists which of the following? A....Ch. 2 - Assume a company has a $350 credit (not cash)...Ch. 2 - Which of the following statements is true? A....Ch. 2 - Owners have no personal liability under which...Ch. 2 - The accounting equation is expressed as ________....Ch. 2 - Which of the following decreases owners equity? A....Ch. 2 - Exchanges of assets for assets have what effect on...
Ch. 2 - All of the following increase owners equity except...Ch. 2 - Which of the following is not an element of the...Ch. 2 - Which of the following is the correct order of...Ch. 2 - The three heading lines of financial statements...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Which financial statement shows the financial...Ch. 2 - Working capital is an indication of the firms...Ch. 2 - Identify the four financial statements and...Ch. 2 - Define the term stakeholders. Identify two...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Identify one similarity and one difference between...Ch. 2 - Explain the concept of equity, and identify some...Ch. 2 - Explain the difference between current and...Ch. 2 - Identify/discuss one similarity and one difference...Ch. 2 - Name the three types of legal business structure....Ch. 2 - What is the accounting equation? List two examples...Ch. 2 - Identify the order in which the four financial...Ch. 2 - Explain how the following items affect equity:...Ch. 2 - Explain the purpose of the statement of cash flows...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, place an (X)...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Forest Company had the following transactions...Ch. 2 - Here are facts for the Hudson Roofing Company for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each independent situation below, calculate...Ch. 2 - For each of the following independent situations,...Ch. 2 - For each of the following items, identify whether...Ch. 2 - For the items listed below, indicate how the item...Ch. 2 - Gumbo Company had the following transactions...Ch. 2 - Here are facts for Haileys Collision Service for...Ch. 2 - Prepare an income statement using the following...Ch. 2 - Prepare a statement of owners equity using the...Ch. 2 - Prepare a balance sheet using the following...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Olivias Apple Orchard had the following...Ch. 2 - Using the information in PA6, determine the amount...Ch. 2 - The following ten transactions occurred during the...Ch. 2 - The following information is taken from the...Ch. 2 - Each situation below relates to an independent...Ch. 2 - The following information is from a new business....Ch. 2 - Each of the following situations relates to a...Ch. 2 - For each of the following independent...Ch. 2 - Mateos Maple Syrup had the following transactions...Ch. 2 - Using the information in PB6, determine the amount...Ch. 2 - Choose three stakeholders (or stakeholder groups)...Ch. 2 - Assume you purchased ten shares of Roku during the...Ch. 2 - A trademark is an intangible asset that has value...Ch. 2 - For each of the following ten independent...Ch. 2 - The following historical information is from...
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