Prepare 1999 adjusting journal entries for the following items and post them to the T-accounts prepared in parta 120. Abercrombie & Fitch employees counted the company's merchandise inventory on January 30, 1900. The cost of inventory in stock on that day was $43,992. 12b. Abercrombie & Fitch employees counted the company's store supplies on January 30, 1999. The cost of store supplies on that day was $5,887 (store supplies used are included in store operating expenses), 120. Assume that all of the activity in the other current assets account is related to the company's insurance policies. The unadjusted amount in "Other current assets" (Hint: $1,696) represents the beginning balance for prepaid insurance premiums plus all cash payments for insurance during the year. At January 30, 1999, the amount of insurance that had not expired was $691 12d. The company recorded $20,946 of depreciation--part of general, administrative, and store operating expenses-on the property and equipment 12e Abercrombie and Fitch employees' last payday was January 21" At year-end there were 10 days of wages that had not been recorded. This amounted to $3,685 including all related payroll taxes, d. Prepare an adjusted trial balance as at January 30, 1999 using the ending balances in the T-accounts obtained after recording the adjustments listed in parte. e. Prepare the fiscal 1999 income statement. f. Close the temporary T-accounts and provide the fiscal 1999 closing entry. 8. Prepare the January 30, 1999 balance sheet. Analysis h. Calculate the year-over-year percentage change in Net Sales for fiscal 1998 and 1999. Comment on this trend. i. Comment on the level of inventory in 1999 compared to 1998 and 1997. (Inventory in 1997 was $34,943 and total assets were $105,761.) What conclusions do you draw from this trend? j. What additional information might an investor in Abercrombie & Fitch seek in order to evaluate the company's future level of profitability? Prepare 1999 adjusting journal entries for the following items and post them to the Taccounts cost of inventory in stock on that day www 992 Abercrombie & Fitch employees courted the corny merchandise inventory on January 30, 1909. The 120 Abarcrombie & Fach employees counted the company's store supplies on January 30, 1999. The cost of store supplies on that day was 55.887 (store supplies used are included in store operating expenses) 120 Assume that all of the activity in the other current assets account is related to the company's insurance for prepaid insurance premium plus a cash payments for insurance during the year Al January J. policies. The unadjusted amount in other current assets at $1,090) represents the beginning balance 1999, the amount of insurance that had not expired was 5031 The company recorded 520,940 of depreciation part of general administrative, and store operating 120. Abercrombie and Fitch employees' last payday was January 21 Al year and there were 10 days of Wages that had not been recorded. This mounted to $3,685 including all related payroll taxes d. Prepare an adjusted trial balance as at January 30, 1999 using the ending balances in the T-accounts h. Calculate the year-over-year percentage change in Net Sales for fiscal 1998 and 1999. Comment on prepared in part 12d expenses on the property and equipment this trend. obtained after recording the adjustments listed in parte. e. Prepare the fiscal 1999 income statement Close the temporary T-accounts and provide the fiscal 1999 closing entry. 8. Prepare the January 30, 1999 balance sheet. Analysis i. Comment on the level of inventory in 1999 compared to 1998 and 1997. (Inventory in 1997 was $34,943 and total assets were $105,761.) What conclusions do you draw from this trend? j. What additional information might an investor in Abercrombie & Fitch seek in order to evaluate th- company's future level of profitability? Prepare 1999 adjusting journal entries for the following items and post them to the T-accounts prepared in parta 120. Abercrombie & Fitch employees counted the company's merchandise inventory on January 30, 1900. The cost of inventory in stock on that day was $43,992. 12b. Abercrombie & Fitch employees counted the company's store supplies on January 30, 1999. The cost of store supplies on that day was $5,887 (store supplies used are included in store operating expenses), 120. Assume that all of the activity in the other current assets account is related to the company's insurance policies. The unadjusted amount in "Other current assets" (Hint: $1,696) represents the beginning balance for prepaid insurance premiums plus all cash payments for insurance during the year. At January 30, 1999, the amount of insurance that had not expired was $691 12d. The company recorded $20,946 of depreciation--part of general, administrative, and store operating expenses-on the property and equipment 12e Abercrombie and Fitch employees' last payday was January 21" At year-end there were 10 days of wages that had not been recorded. This amounted to $3,685 including all related payroll taxes, d. Prepare an adjusted trial balance as at January 30, 1999 using the ending balances in the T-accounts obtained after recording the adjustments listed in parte. e. Prepare the fiscal 1999 income statement. f. Close the temporary T-accounts and provide the fiscal 1999 closing entry. 8. Prepare the January 30, 1999 balance sheet. Analysis h. Calculate the year-over-year percentage change in Net Sales for fiscal 1998 and 1999. Comment on this trend. i. Comment on the level of inventory in 1999 compared to 1998 and 1997. (Inventory in 1997 was $34,943 and total assets were $105,761.) What conclusions do you draw from this trend? j. What additional information might an investor in Abercrombie & Fitch seek in order to evaluate the company's future level of profitability? Prepare 1999 adjusting journal entries for the following items and post them to the Taccounts cost of inventory in stock on that day www 992 Abercrombie & Fitch employees courted the corny merchandise inventory on January 30, 1909. The 120 Abarcrombie & Fach employees counted the company's store supplies on January 30, 1999. The cost of store supplies on that day was 55.887 (store supplies used are included in store operating expenses) 120 Assume that all of the activity in the other current assets account is related to the company's insurance for prepaid insurance premium plus a cash payments for insurance during the year Al January J. policies. The unadjusted amount in other current assets at $1,090) represents the beginning balance 1999, the amount of insurance that had not expired was 5031 The company recorded 520,940 of depreciation part of general administrative, and store operating 120. Abercrombie and Fitch employees' last payday was January 21 Al year and there were 10 days of Wages that had not been recorded. This mounted to $3,685 including all related payroll taxes d. Prepare an adjusted trial balance as at January 30, 1999 using the ending balances in the T-accounts h. Calculate the year-over-year percentage change in Net Sales for fiscal 1998 and 1999. Comment on prepared in part 12d expenses on the property and equipment this trend. obtained after recording the adjustments listed in parte. e. Prepare the fiscal 1999 income statement Close the temporary T-accounts and provide the fiscal 1999 closing entry. 8. Prepare the January 30, 1999 balance sheet. Analysis i. Comment on the level of inventory in 1999 compared to 1998 and 1997. (Inventory in 1997 was $34,943 and total assets were $105,761.) What conclusions do you draw from this trend? j. What additional information might an investor in Abercrombie & Fitch seek in order to evaluate th- company's future level of profitability