Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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Chapter 4, Problem 12DQ

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Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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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 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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Answer 3

Question

Chapter 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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Answer 4

Question

Chapter 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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Answer 5

Chapter 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

Answer 6

Chapter 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

Answer 7

Chapter 4, Problem 12DQ

To determine

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1RQ Ch. 4 - Prob. 2RQ Ch. 4 - What function does the receiving department serve...Ch. 4 - Prob. 4RQ Ch. 4 - Prob. 5RQ Ch. 4 - Prob. 6RQ Ch. 4 - Prob. 7RQ Ch. 4 - Prob. 8RQ Ch. 4 - Prob. 9RQ Ch. 4 - Distinguish between an edit run, a sort run, and...

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

Solution Summary: The author explains that sales order procedures include a thorough systematic procedure for sale of goods in which receipt of order, credit approval, billing, shipping, warehousing and recording in accounts receivables ledgers and

Explain whether a sales clerk should be authorized to override the denial of customer credit, if such denial is concluded by an automated credit checking function. Also, explain the circumstances when override can take place.

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