Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

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Answer 1

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Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

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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 B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

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Answer 3

Question

Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

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Check out a sample textbook solution

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Answer 4

Question

Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

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Answer 5

Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

Answer 6

Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

Answer 7

Chapter B, Problem 4E

a.

To determine

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

Answer 8

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

Answer 9

b.

To determine

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. B - On the basis of the following data, (a) journalize...Ch. B - On the basis of the following data, (a) journalize...Ch. B - Portions of the wages expense account of a...Ch. B - Prob. 4E

Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

Solution Summary: The author explains the nature of the entry from which each numbered posting was made.

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Indicate the nature such as payment, adjusting, closing, reversing for the given entry.

Prepare journal entry from posting made, and close the revenues, and expenses to JM, Capital.

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Chapter B Solutions