Identify the net income or net loss.

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Answer 1

Question

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

2.

To determine

Identify the change in retained earnings.

3.

To determine

Journalize the closing entries.

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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 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

2.

To determine

Identify the change in retained earnings.

3.

To determine

Journalize the closing entries.

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Answer 3

Question

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

2.

To determine

Identify the change in retained earnings.

3.

To determine

Journalize the closing entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

2.

To determine

Identify the change in retained earnings.

3.

To determine

Journalize the closing entries.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

2.

To determine

Identify the change in retained earnings.

3.

To determine

Journalize the closing entries.

Answer 6

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

Answer 7

Chapter 3, Problem 11SE

1.

To determine

Identify the net income or net loss.

Answer 8

2.

To determine

Identify the change in retained earnings.

Answer 9

2.

To determine

Identify the change in retained earnings.

Answer 10

3.

To determine

Journalize the closing entries.

Answer 11

3.

To determine

Journalize the closing entries.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ

Identify the net income or net loss.

Solution Summary: The author explains the difference between net income and net loss, and identifies the change in retained earnings.

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Identify the net income or net loss.

Identify the change in retained earnings.

Journalize the closing entries.

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Chapter 3 Solutions