Just for Feet‚ Inc Just For Feet‚ Inc. operates retail stores in the brand name athletic and outdoor footwear and apparel market. Just for Feet was found in 1977 with the opening of a small mall based store and opened its first super store in 1988. Because of their success and high sales volume generates by the large store Company has concentrate primarily on develop and refining its superstore concept. As of January 1999‚ they operate 120 superstores‚ which 23 superstores opened in fiscal 1997
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Just for Feet‚ Case Study Just for Feet‚ Case Study 1. Balance Sheets Just for FEET‚ Inc. | Balance Sheet | Years ending Jan 31st | | | | Current Assets: 1996 1997 1998 | Cash & Equivalents | 36.93% | 18.40% | 1.80% | Marketable Securities AFS | 9.04% | 0.00% | 0.00% | Accounts Receivable | 1.74% | 3.53% | 2.74% | Inventory | 35.47% | 45.97% | 58.01% | Other Current Assets | 0.56% | 1.50% | 2.65% | Total Current Assets | 83.75% | 69.40% | 65
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1. Discuss three management events that occurred that should have been a “red flag” to the auditing firm. The auditing firm has been in engagement with the company throughout the period when the fraud was being committed. One of the common and clear indicators of possible fraud was the company’s cash flow statement. The company experienced positive growth in its profits from the year 1996 through to the year 1998. However‚ a close analysis of the cash flow statement shows that the company had experienced
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ACCT 3596: Auditing Just For FEET‚ Inc. Case Analysis: Case 1.2 #1-3‚ 5 Beka Vinogradov Seat #1 2011 1 Beka Vinogradov ACCT 3596: Case Analysis #1. Common-Sized Balance Sheets. Just for FEET‚ Inc. Balance Sheet Years ending Jan 31st 1997 18.40% 0.00% 3.53% 45.97% 1.50% 69.40% 21.08% 8.05% 1.46% 100.00% 20.22% 11.41% 2.07% 0.30% 0.72% 34.73% 5.48% 40.21% 0.00% 48.76% 11.03% 59.79% 1996 Current Assets: Cash & Equivalents Marketable Securities AFS Accounts Receivable Inventory Other
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I. Executive Summary This Comprehensive Online Marketing Campaign for Sossy Sauce has been created by social media experts to reach the international market in effective and efficient promotions and advertisements online especially in Social Medias. Although Sossy Sauce was launched few years ago‚ the firm wants to go international for its products‚ and research shown that the target market of food enthusiast consumers and Overseas Filipino Workers would like to buy Filipino food that they currently
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Case Study of Just For Feet Inc. Xuan Zhang Q1. Prepare common-sized balance sheets and income statements and compute key ratios for 1997-1998. What were the high-risk financial statement items for the 1998 audit? * Common-sized financial statements: * Key ratio analysis: Liquidity and solvency: | 1999 | 1998 | 1997 | Current ratio | 3.387 | 1.998 | 2.142 | Debt to equity | 1.117 | 0.672 | 0.720 | Times interest earned | 6.376 | 24.665 | 28.286 | Activity | | |
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CASE 1.3 Just for FEET‚ Inc. 1. (1) Common-sized Balance Sheet 01/01/1999 01/01/1998 01/01/1997 Current assets: Cash and cash equivalents 2% 18% 37% Marketable securities available for sale - - 9% Accounts receivable 3% 4% 2% Inventory 58% 46% 35% Other current assets 3% 1% 1% Total current assets 65% 69% 84% Property and equipment‚ net 23% 21% 15% Goodwill‚ net 10% 8% - Other 1% 1% 2% Total assets 100% 100% 100% Current liabilities: Short-term
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have had put more weight on audit evidence from independent sources outside the entity (Mr. Yamont) and audit evidence easily available from the balance sheet (huge increase in fixed assets). Especially considering obvious conflict of interests in case of Mr. More and his changed opinion. 6) On our opinion‚ we do not believe Hope
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Case Study: "Just Promoted--Born to Lead" 1. It is not true that Jacks company‚ because they hire mostly women and minorities‚ cannot be accused of discrimination. As the 1964 civil rights act states‚ it is unlawful for an employer shall not limit‚ segregate or classify his or her employees or applicants for employment in anyway (Dessler‚ p. 184). So in this company Jack is trying to be more favorable to the women and minorities because he does not want to be investigated. His hiring process
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the Ohio mandate on Just culture) According to the Patient Safety Initiative (2011)‚ this policy is “just” because it finds a middle ground between a punitive culture and a blame free culture. Furthermore‚ “it holds individuals accountable for their own performance… but does not expect individuals to assume accountability for system flaws over which they have no control” (p. 5). In other words‚ the policy is just because (promotes shared accountability) makes shared accountability its priority
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