FINANCIAL AND MANAGERIAL ACCOUNTING
FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 2818440048890
Author: Wild
Publisher: MCG CUSTOM
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Chapter 8, Problem 21E
To determine

Concept Introduction

Journal entries: The entries that explain the impact of transactions and the way they influence accounts are stated as journal entries. They serve as a record of all transactions made by a business. The information in journal entries serves as the foundation for all financial reporting. In a business journal, transactions are often entered using the double-entry method.

To prepare: The journal entry for the amortization of intangible assets.

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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 assets, Liabilities, and Equity?
Need answer general Accounting
Provide correct answer of this question answer general Accounting

Chapter 8 Solutions

FINANCIAL AND MANAGERIAL ACCOUNTING

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