Accounting Annual Report Project
Alex Parrott
Accounting 201
Annual Report Project
Semester: Spring 2014
4-18-14
A. Introduction
Hooker Furniture Corporation is a growing furniture company in today’s industry and current economic circumstances. This company was incorporated in Virginia in 1924, and is ranked among the nation’s largest publicly top 10 furniture sources. Paul B. Toms Jr. has been Chairman and Chief Executive Officer for Hooker Furniture Corporation since 2000 and has also been with the company since 1983. The Hooker Furniture Corporation home office is located in Martinsville, VA. This company offers wood furniture, metal furniture, and upholstered furniture products. Including home entertainment, home office, accent, dining, bedroom, and bath furniture under the Hooker furniture brand. They also offer youth furniture under the Opus Designs by Hooker Brand. The Hooker Furniture Corporation’s principal customers consist of retailers of residential home furnishings that are broadly dispersed throughout the United States. Their customers also include home furniture retailers in Canada and in more than 20 other countries internationally. Meaning the main geographic area of activity is worldwide.
Hooker Furniture Corporation’s fiscal years end on the Sunday closest to January 31, meaning the 2013 fiscal year ended on February 3, 2013 and 2013 ended up being a 53-week fiscal year. In management’s report on internal control over financial reporting, it is said that KPMG LLP is the Company’s only independent registered public accounting firm. In the two letters written by two separate auditors from KPMG LLP to Hooker Furniture Corporation, it is concluded by both auditors that the Company’s internal control over financial reporting was effective as of February 3, 2013 at the end of the 2013 fiscal year. These two auditors also have audited, in accordance with the standards of the Public Company Accounting Oversight Board and have concluded that all of their
Accounting 201
Annual Report Project
Semester: Spring 2014
4-18-14
A. Introduction
Hooker Furniture Corporation is a growing furniture company in today’s industry and current economic circumstances. This company was incorporated in Virginia in 1924, and is ranked among the nation’s largest publicly top 10 furniture sources. Paul B. Toms Jr. has been Chairman and Chief Executive Officer for Hooker Furniture Corporation since 2000 and has also been with the company since 1983. The Hooker Furniture Corporation home office is located in Martinsville, VA. This company offers wood furniture, metal furniture, and upholstered furniture products. Including home entertainment, home office, accent, dining, bedroom, and bath furniture under the Hooker furniture brand. They also offer youth furniture under the Opus Designs by Hooker Brand. The Hooker Furniture Corporation’s principal customers consist of retailers of residential home furnishings that are broadly dispersed throughout the United States. Their customers also include home furniture retailers in Canada and in more than 20 other countries internationally. Meaning the main geographic area of activity is worldwide.
Hooker Furniture Corporation’s fiscal years end on the Sunday closest to January 31, meaning the 2013 fiscal year ended on February 3, 2013 and 2013 ended up being a 53-week fiscal year. In management’s report on internal control over financial reporting, it is said that KPMG LLP is the Company’s only independent registered public accounting firm. In the two letters written by two separate auditors from KPMG LLP to Hooker Furniture Corporation, it is concluded by both auditors that the Company’s internal control over financial reporting was effective as of February 3, 2013 at the end of the 2013 fiscal year. These two auditors also have audited, in accordance with the standards of the Public Company Accounting Oversight Board and have concluded that all of their