Prepare the bank reconciliation of Company B, as at June 30.

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Answer 1

Question

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

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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 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

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Answer 3

Question

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

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Answer 4

Question

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

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Answer 5

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

Answer 6

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

Answer 7

Chapter 6, Problem 6.25E

1.

To determine

Prepare the bank reconciliation of Company B, as at June 30.

Answer 8

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

Answer 9

2.

To determine

Prepare the adjusting journal entries that arise due to bank reconciliation

Answer 10

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

Answer 11

3.

To determine

Indicate the balance in cash account, after posting the reconciliation entry

Answer 12

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

Answer 13

4.

To determine

Indicate the cash balance to be reported in the balance sheet as at June 30.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 6 - Prob. 1Q Ch. 6 - What is gross profit or gross margin on sales? In...Ch. 6 - What is a credit card discount? How does it affect...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Differentiate accounts receivable from notes...Ch. 6 - Which basic accounting principle is the allowance...Ch. 6 - Using the allowance method, is bad debt expense...Ch. 6 - Prob. 9Q Ch. 6 - Prob. 10Q

Prepare the bank reconciliation of Company B, as at June 30.

Solution Summary: The author explains how to prepare the bank reconciliation of Company B, as at June 30.

Concept explainers

Prepare the bank reconciliation of Company B, as at June 30.

Prepare the adjusting journal entries that arise due to bank reconciliation

Indicate the balance in cash account, after posting the reconciliation entry

Indicate the cash balance to be reported in the balance sheet as at June 30.

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Chapter 6 Solutions