... Just for FEET, Inc. | Balance Sheet | Years ending Jan 31st | 1996 | 1997 | 1998 | Current Assets: | 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% | 65.20% | Property & Equipment, net | 14.61% | 21.08% | 23.29% | Goodwill, net | 0.00% | 8.05% | 10.31% | Other | 1.64% | 1.46% | 1.19% | Total Assets | 100.00% | 100.00% | 100.00% | Current Liabilities: | Short-Term Borrowings | 26.61% | 20.22% | 0.00% | Accounts Payable | 10.35% | 11.41% | 14.55% | Accrued Expenses | 1.46% | 2.07% | 3.60% | Income Taxes Payable | 0.11% | 0.30% | 0.13% | Current Maturities of LT Debt | 0.56% | 0.72% | 0.96% | Total Current Liabilities | 39.09% | 34.73% | 19.25% | LT Debt & Obligations | 2.76% | 5.48% | 33.51% | Total Liabilities | 41.85% | 40.21% | 52.75% | Shareholders' Equity: | Paid-In Capital | 50.69% | 48.76% | 36.20% | Retained Earnings | 7.47% | 11.03% | 11.04% | Total Shareholders' Equity | 58.15% | 59.79% | 47.25% | Total Liabilities & Equity | 100.00% | 100.00% | 100.00% | Case 1.3 Just for FEET, Inc. | Income Statement...
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...Synopsis 1.) Just for Feet | Common Size Balance Sheet | | 1996 | 1997 | 1998 | Current assets: | | | | Cash and cash equivalents | 36.93% | 18.40% | 1.80% | Marketable securities | | | | available for sale | 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% | 65.20% | | | | | Property and equipment, net | 14.61% | 21.08% | 23.29% | Goodwill, net | 0.00% | 8.05% | 10.31% | Other | 1.64% | 1.46% | 1.19% | Total assets | 100.00% | 100.00% | 100.00% | | | | | Current Liabilities: | | | | Short term borrowings | 26.61% | 20.22% | 0.00% | Accounts payable | 10.35% | 11.41% | 14.55% | Accrued expenses | 1.46% | 2.07% | 3.60% | Income taxes payable | 0.11% | 0.30% | 0.13% | Current maturities of | | | | long term debt | 0.56% | 0.72% | 0.96% | Total current liabilities | 39.09% | 34.73% | 19.25% | | | | | Long term debt and obligations | 2.76% | 5.48% | 33.51% | Total liabilities | 41.85% | 40.21% | 52.75% | | | | | Shareholders' equity: | | | | Common stock | 0.00% | 0.00% | 0.00% | Paid-in capital | 50.69% | 48.76% | 36.20% | Retained earnings | 7.47% | 11.03% | 11.04% | Total shareholders' equity | 58.15% | 59.79% | 47.25% | | | | | Total liabilities and | | | | shareholders' equity | 100.00%...
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...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% | 65.20% | Property & Equipment, net | 14.61% | 21.08% | 23.29% | Goodwill, net | 0.00% | 8.05% | 10.31% | Other | 1.64% | 1.46% | 1.19% | Total Assets | 100.00% | 100.00% | 100.00% | Current Liabilities: | Short-Term Borrowings | 26.61% | 20.22% | 0.00% | Accounts Payable | 10.35% | 11.41% | 14.55% | Accrued Expenses | 1.46% | 2.07% | 3.60% | Income Taxes Payable | 0.11% | 0.30% | 0.13% | Current Maturities of LT Debt | 0.56% | 0.72% | 0.96% | Total Current Liabilities | 39.09% | 34.73% | 19.25% | LT Debt & Obligations | 2.76% | 5.48% | 33.51% | Total Liabilities | 41.85% | 40.21% | 52.75% | Shareholders' Equity: | Common Stock | 0.00% | 0.00% | 0.00% | Paid-In Capital | 50.69% | 48.76% | 36.20% | Retained Earnings | 7.47% | 11.03% | 11.04% | Total Shareholders' Equity | 58.15% | 59.79% | 47.25% | Total Liabilities & SH' Equity | 100.00% |...
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...Tiffany Hale AC503-02 Unit 3 Project 1. JUST FOR FEET, Inc. Income Statement Years ended January 31st | |1996 |1997 |1998 | |Net sales |100% |100% |100% | |Cost of sales |57.54% |58.46% |58.38% | |Gross Profit |46.24% |41.54% |41.62% | |Other revenues |0.23% |0.23% |0.17% | |Operating expenses: | | | | | Store operations |27.04% |29.18% |30.01% | | Store opening costs |4.38% |1.41% |1.76% | | Amortization of Intangibles |0.07% |0.25% |0.27% | | General & Administrative Expenses |3.07% |3.77% |3.14% | | Total Operating Expenses |34.57% |34.60% |35.18% | |Operating income ...
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...JUST FOR FEET, INC. CASE STUDY QUESTIONS 1) Prepare common-sized balance sheets and income statements for Just for Feet for the period 1996-1998. Also, compute key liquidity, solvency, activity, and profitability ratios for 1997-1998. Given these data, comment on what you believe were the high-risk financial statement items for the 1998 Just for Feet audit. 2) Just for Feet operated large, high-volume retail stores. Identify internal control risks common to such businesses. How should these risks affect the audit planning decisions for such a client? Some internal controls risks common to high-volume retail stores would be theft of inventory, inventory accounting methods, false accounts receivable confirmations, separation of duties, authorization controls, information processing controls, physical controls. These risks should affect audit planning by focusing tests of these controls including: checking for safekeeping of documents, making sure there is a proper segregation of duties to avoid theft and misstatements, ensuring all transactions are authorized by management, looking closely at A/R confirmations, and the inventory accounting methods used. 3) Just for feet operated in an extremely competitive industry, or sub industry. Identify inherent risk factors common to businesses facing such completive conditions. How should these risks affect the audit planning decisions for such a client? Inherent risks for extremely competitive industries would...
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...I only thought not wearing shoes regularly was mostly for people that live in poor developing countries, until I noticed a fellow BGSU student never wearing shoes. This has not been just a one-time occurrence; every time I see him on my Wednesday walk to class or even just around campus he has never had shoes on! Not wearing shoes I later found out has become a somewhat large debate, dealing with the many benefits, along with some potential dangers. I was definitely surprised with all of the research I found, since I never really pondered deeply about how shoes have changed the lives of so many people. After all shoes were originally created to solely protect our feet from harsh terrain, and now they are advertised for many more benefits. The important question to ask now is do all of the benefits shoes provide outweigh the benefits of just going barefoot? One of the first websites I looked...
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...Case 1.3 Just For Feet INC. 1) See Attached 2) Large Volume retail stores that carry a large amount of inventory have a number of internal control risks that the can affect the audit planning decisions for the independent auditors. Some internal control risks that are common to a business like this would be theft of inventory, incentives/pressures from management to employees, issues with compliance, and material misstatements. Auditing Standard Number 8, discusses audit risk. Going into the audit, the independent auditors should try and brain storm what potential internal audit risks that they can see that will potentially create a hazard. They should come up with preventive controls. Once they have done that they should look into those areas during the course of the audit. By having a plan to help and detect control risk, it will definitely be easier to catch...
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...Running Head: Case Study #2 1 Case Study #2 pertaining to Mitsui Fudosan vs. County of Los Angeles. Leif Martinoff UCLA Extension Mitsui Fudosan vs. County of Los Angeles 2 Abstract Mitsui Fudosan enacted a redevelopment plan in Downtown Los Angeles in the Central Business district area. Given that for every 1 square foot of parcel land, up to 6 square feet could be built. Essentially this math dictates a 6 story building could be built. At the time, it was Mitsui’s understanding that they could exceed this level by transferring development rights (TDR’s) from other projects or other land owners. Mitsui Fudosan did just that to build bigger and ended up buying up to an additional 490,338 of square feet “rights” valued at $8,209,000. Mitsui Fudosan vs. County of Los Angeles 3 Introduction The subject property is located in the Downtown Los Angeles area known as the Central Business District. Mitsui Fudosan, a development company sought to expand the footprint of one of its projects by building up since it was limited to the parcel area. In order to exceed their allowable building footprint, Mitsui bought “air rights to build higher and more stories. These are legally called Transfer Development Rights also known as TDR’s. Mitsui Fudosan ended up spending more than eight million dollars for almost five hundred thousand square feet of additional building space. What evolved the following...
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...harassment. The case called “The Mysterious Roses.” Rob Arnold, the Director of Sales, I must have the ability to make decision that can will affect the company’s image that I am employed by, also the individuals of the company. In the simulation they are several ethical decisions that are made through several repeatable models that can provide a desirable outcome of the dilemmas. The ethical lens uses different perspectives from each different dilemma. I am able to arrive at this by a range of perspectives with favored outcome providing an appropriate ethical position for the appropriate situation. In the first dilemma I have learned that one of the employee’s Bill Witherspoons actions is perceived as sexual harassment toward another employee of the company, Gail Domier, roses are left at the employees desk with no notes stating who they are from. Mr. Witherspoon has approached you informally explaining to you what has been going on (The Mysterious Roses and Cold Feet, 2002-2007). Now Ms. Domier has requested a confidential meeting with Mr. Arnold the dilemma that the supervisor needs to concentrate on is he can maintain a level of confidentiality of Ms. Domier meeting and how to resolve it without exposing any of the participants’ involved. I also advised Gayle that I would be able to keep the meeting confidential between us but advised to review the company handbook before the meeting. The major issues that need avoiding are a possible sexual harassment which will not just affect...
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...Bigger Feet – Case study October 29th of 2012 Kiara M Prof: Christine Clark Bigger Feet (Case study nº 1) Entrepeneurship and New Ventures Business opportunities are typically born when someone sees a problem, and then finds a solution to that problem. For “Bigger Feet”, the opportunity came to the entrepreneur in 2004 because his founder was having difficulties finding shoes that fit his 13 sized feet. Through his mother advice after a frustrating experience in a shoe shop, he then got the idea to start a website where people with large feet could order their shoes. After researching the market by meeting manufacturers and visiting trade shows, it was for him apparent that there was not only the means to a big foot wear company but also the market demand. This solved a big problem for many, and that is the crux of any big idea – finding a solution to a unique problem; And how not, if statistics say that across the UK, arounf 1 million people has bigger than average feet, size 12 and above for men and above 9 for woman. The site was launch in 2005 and incredibly sold his first pair of shoes within half an hour! Within several weeks, “Bigger Feet” sales had gone international, receiving order from Saudi Arabia, USA and The Netherlands. In the following months, both Bigger Feet and Oliver got stronger. After winning the “Make Your Mark – Lloyds TSB award for teen entrepreneurship he started appearing in sources such as, the Finantial Times...
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...Tinea is a fungus that grows and multiplies on people’s skin. This is the cause for ringworm and other common fungal infections. Tinea Pedis is a form of ringworm that affects the feet, also called Athlete’s Foot. This fungal infection is the most common form of the ringworm infection and affects many people daily. It is easily spread through any contact with the infection but luckily it can usually be diagnosed rather easily also. This is not a life-threating infection but it does cause much discomfort and displeasure to anyone suffering with it. This infection usually begins in-between toes and is caused by moist feet, usually sweat, inside tight shoes and socks. Athlete’s foot causes itching, stinging, and burning and ways it can be spread include contaminated floors, clothing, or anything that has been exposed to the fungus. This fungal infection is closely related to jock itch and is treated in similar ways. Athlete’s foot is not only found on “athletes” or even just the foot. This fungus thrives on any damp, warm area which usually is the feet due to shoes being restricting and sweat making them damp. Small cuts or injuries can help the infection begin. This infection can be spread relatively easily compared to some due to how easily it can be caught. Walking barefoot in public showers, or just stepping in or around a public pool is a common way to get the infection. Another way is simply sharing a towel with someone who has the infection. This fungal infection can spread...
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...horribly, but at the same time they didn’t really have a say in anything either. Once women got married, they belong to their husband. They were mainly there to do what men say and to not say anything unless necessary. An excerpt from an article, “Why Men Oppress Women”, goes a bit more into detail of the lives of women in the past: “Even if they belonged to higher social classes, most women throughout history have been enslaved by men. Until recent times, women throughout Europe, the Middle East and Asia were unable to have any influence over the political, religious or cultural lives of their societies. They couldn’t own property or inherit land and wealth, and were frequently treated as mere property themselves.”(Taylor). And in some cases, there are countries in which women can also be used to pay off debts. Also, in the same article it states that, “in ancient Assyria, the punishment for rape was the handing over of the rapist’s wife to the husband of his victim, to use as he desired.”(Taylor). While there are things that are more extreme in other cultures, these are only a few example of how in the past, women were treated as property rather than a human...
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...FINA 461 Section 1 | “Tree Values” Case Report | Huong Nguyen | 10/7/2010 | Section 1 – Executive Summary This report analyzes the case “Tree Values” to find an optimal way for Mr. Smith to manage his forestland and harvest the crop trees. The fundamental idea in this report is based on the concept of present value. A number of options are analyzed and the one with highest present value of pay off is considered. Questions 9, 10, and 11 give Mr. Smith 3 options: * Option 1: Harvest all crop trees now and receive $8,160 * Option 2: Let the forest grow without thinning, then harvest all crop trees 60 years from now and receive $537,962.01 at harvesting, equivalent to $28,800.08 now * Option 3: Thin and manage the forest, then harvest all crop trees 50 years from now and receive $670,033.56 at harvesting, equivalent to $58,429.42 now Based on the present value of the money received at harvesting, it is highly recommended that Mr. Smith should choose option 3. Furthermore, provided Mr. Smith decides to thin and manage his forest, in case he needs money soon to use for other purposes, he can harvest all of his crop trees at the 40th year to receive $410,608.68 at harvesting, equivalent to $58,325.19 at present, instead of waiting for 10 more years. This is because the present value of money received at the 40th year is just a little ($104.23) less than that of money received at the 50th year. Section 2 – Analysis Question 1 In order to choose the best offer...
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...Compression sleeve for heel spurs The heel bone or calcaneus bone which is the largest bone in the foot experience an abnormal growth is a scenario where heel spurs occur. The area where the plantar fascia pulls away from the heel, form calcium deposit. This situation is common to those who are flat footed but in some cases, a person with high arches experience heel spurs. In most cases, a heel spur measures quarter of an inch in length that makes it not visible to the naked eye. While plantar fasciitis, pain, and inflammation from the heel and across the bottom of the foot, are often associated with heel spurs they are not always connected even both cause pain and discomfort in the foot. Heel spurs in some cases do not have symptoms or do not even cause any pain to a person but it is common for other cases that heel spurs cause chronic or intermittent pain. Oftentimes it will get worse if a person involves in constant walking, jogging or running activities. Inflammation will...
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...Assignment 4: Just for Feet Harold Ruttenberg, a native of South Africa, paid for his college education by working as a sales clerk in a men`s clothing store. Following his graduation, Harold Ruttenberg began importing Levi`s jeans from the United States and selling them from his car. Ruttenberg earned enough capital from selling the Levi`s jeans to open his own retail store. By the time Harold Ruttenberg reached the age of 30, he owned a small chain of men`s apparel stores. Due to mounting political and economic troubles in South Africa during the early to mid-1970s, Ruttenberg decided to move his family to the United States. Ruttenberg arrived in California in 1976 with less than $30,000 due to South Africa`s strict emigration laws, but he was nonetheless determined to become a successful retail business entrepreneur. Ruttenberg and his family eventually settled in Birmingham, Alabama in favor of a more affordable business environment. In 1988, Ruttenberg decided to begin a new business venture in the retail shoe business. At the time Ruttenberg began his new business venture the market for high priced athletic shoes was growing rapidly, and becoming a larger segment of the retail shoe industry. During this time, the principal retail outlets for the major athletic shoe manufacturers were in thousands of suburban malls across the United States. A problem with having a retail store in a suburban mall is the space is relatively small limiting a retailer’s ability to display...
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