Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence. To Explain: The basic forms of business organization.

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 9Q

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Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

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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

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

Expert Solution & Answer

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Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

Expert Solution & Answer

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Answer 4

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

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Answer 5

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

Answer 6

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

Answer 7

Chapter 1, Problem 9Q

To determine

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.

Answer 8

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Answer 9

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Answer 11

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - 4. What uses of financial accounting information...Ch. 1 - Prob. 5Q Ch. 1 - 6. Trenton Travel Agency purchased land for...Ch. 1 - 7. What is the monetary unit assumption? Ch. 1 - 8. What is the economic entity assumption? Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence. To Explain: The basic forms of business organization.

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence. To Explain: The basic forms of business organization.

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Chapter 1 Solutions

Business entity: Any organization which is established with the purpose to earn profit and to carry on a business for indefinite period. Every business entity has its seal as signature which shows its separates existence.

To Explain: The basic forms of business organization.