Bank Reconciliation Statement : The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books. To prepare: Bank reconciliation of Company D as at March 31, 2017 .

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Answer 1

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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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?

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Answer 2

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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Answer 3

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 6

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Answer 7

Chapter 7, Problem 7.33CP

Requirement 1:

To determine

Bank Reconciliation Statement: The Company maintains its own records from its perspective and they are different from bank perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of Company D as at March 31, 2017.

Answer 8

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

Answer 9

Requirement 2:

To determine

To journalize: Entries from the bank reconciliation.

Answer 10

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 11

To determine

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains that the company maintains its own records from its perspective and they are different from bank perspective.

Concept explainers

To journalize: Entries from the bank reconciliation.

To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.

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