These acquisitions enabled the company to become the second largest athletic footwear retailer near the end of the 20th century.
A small basketball court, either inside the store or in a fenced courtyard outside. The acquisition of New Jersey-based Sneaker Stadium, and the subsequent conversion of those stores to the Just For Feet nameplate, Just for feet inc case the company to expand into the metropolitan areas of BostonNorfolkNew YorkPhiladelphia and Washington, D.
Identify inherent risk factors common to businesses facing such competitive conditions. Before responding, identify the parties who will be affected by your decision. Franchises were granted for stores that opened in San Antonio, Texassuburban Atlanta, Georgia and Columbus, Ohio ; the Texas and Georgia stores subsequently became company-owned locations.
Rank these risk factors from least to most important and be prepared to defend your rankings. His son pleaded guilty to criminal charges and was sentenced to a month prison term.
Inventory controls are a large issue in large high-volume retail stores, particularly counting and valuing it. Identify internal control risks common to such businesses. The biggest thing that sticks out to me is the inventory turnover.
Michael Knapp 1 Prepare common-sized balance sheets and income statements for Just for Feet for the period The dramatic increases in debt and Just for feet inc case rising of AP would also catch my attention and warrant extra audit attention. Also, inventory is such a large proportion of total assets over half so it should get a lot of attention and work.
In many cases, the concept shops also featured active wear such as shorts, T-shirts and warm-up suits from those vendors "Moonlight Madness" sales, usually conducted around Christmas, where the store would be open extended hours usually open until 4: Common sized financials and ratios are in Excel attached.
Identify the 5 audit risk factors that you believe were the most critical to the successful completion of that audit. In the spot, a group of Caucasian men in a humvee are seen tracking down a barefoot Kenyan runner, sedating him with drug-laced water, and forcing Nike shoes on his feet while he was unconscious.
A set of common sized financial statements and ratio computations are provided in Excel. Just For Feet operated over superstores in 25 U. Typically a large chain would generate positive cash flow. Prior to becoming a publicly traded company inother company-owned stores were opened near Nashville, Tennessee and in Kansas City, Missouri.
Briefly explain whether or not you believe that the Deloitte auditors responded appropriately to the five critical audit risk factors that you identified. Solution Summary Your tutorial is words and includes a list of ten audit risk factors and discussion about features of large retail chains that increase audit risk.
Several features helped to distinguish Just for Feet from its competitors, including: History[ edit ] Just for Feet Inc. How should these risks affect the audit planning decisions for such a client? The large high-volume stores also tend to have a high volume of cash Given these datacomment on what you believe were the high-risk financial statement items for the Just for Feet audit.
When he woke up, the runner rejected the shoes and attempted to shake them off whilst running away. I compared Just For Feet, Inc. I believe that the negative cash flow from operations should be an audit flag. InJust For Feet bought Florida-based Athletic Attic and Michigan-based Imperial Sports, enabling the company to enter numerous markets and several states where it previously had no presence.
Contemporary Auditing Real Issues and Cases 7th ed. Most of the Just For Feet stores were located on outparcels adjoining major malls in cities, primarily in the Southeast, Midwest and Southwest. By the end ofJust For Feet operated superstores in eleven states. Add Homework help from our online tutors - BrainMass.
This cash flow looks more like a start up than a large established retail chain. The elder Ruttenberg died in at The store was also famous for their promotion of buying any 12 pair of shoes, and then getting one pair for free, in the process, hence the other slogan, "Where Your 13th Pair is Free!
Also compute key liquidity, solvency, activity, and profitability ratios for Bythe last of the Just For Feet stores closed.Just For Feet Inc. was an athletic shoe and sportswear headquartered in Birmingham, Alabama which became one of the largest and fastest growing athletic stores in the United States.
In Footstar acquired Just For Feet. It closed its last store in View Essay - Just for Feet Case Study David Schlosser from AC at Kaplan University. David Schlosser Just for FEET Inc.
Case Study Advanced Auditing 91%(11). Case Study of Just For Feet Inc. Xuan Zhang Q1. Prepare common-sized balance sheets and income statements and compute key ratios for What were. JUST FOR FEET, INC. CASE STUDY QUESTIONS Based on Case Study Just for Feet, Inc.
Contemporary Auditing Real Issues and Cases 7th ed. Michael Knapp 1) Prepare common-sized balance sheets and income statements for Just for. 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 with the opening of a small mall based store and opened its first super store in View Notes - Audit Unit 3 Case Just for Feet Solutions from ACCOUNTING AC at Kaplan University.
) Prepare common-sized balance sheet and income statement for just for feet for the88%(8).Download