Just for Feet

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Submitted By hunterx
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Systems analysis – the process of understanding and specifying in detail what the information system should do
Systems design – the process of specifying in detail how the many component parts of the information system should be physically implemented
Systems analyst – a business professional who uses analysis and design techniques to solve business problems using information technology
Supers system a larger system that contains other system
Functional decomposition – dividing a system into components based on subsystems that in turn are further divided into subsystem
System boundary – the separation between a system and its environment that inputs and outputs must cross
Automation boundary – the separation between the automated part of a system and the manual part of a system
Transaction processing system – information systems that capture and record information about the transactions that affect the organization
Management information system – information system that takes information captured by transaction processing systems and produces reports that management needs for planning and control
Executive support system – support system that allow a user to explore the impact of available options or decisions
Communication support system – supports systems that allow employees to communicate with each other and with customers and suppliers.
Office support systems - support that help employees create and share documents including reports proposals, and memos
Tools – software products used to help develop analysis and design specifications and completed system components
Techniques – strategies for completing specific system development activities

Analyst’s approach to problem solving 1. research and understand the problem 2. verify that the benefits of solving the problem outweigh the costs 3. develop a set of possible solutions (alternative)…...

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Case 1.3 Just for Feet

... 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......

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Just for Feet Case

...Just for Feet 1) High risk financial statement items for Just for feet are the outrageous increase in debt from 1998 to 1999. The disappearance in property and equipment from 1998 to 1999. Also the large decrease in inventory from 1997 to 1998 would need to be looked into. The doubling in accounts payable is also something that would need to be examined 2) Some of internal audit risks are that management was obsessive over earnings and doing anything to meet earnings expectations. Also some other problems are that management aggressively interprets accounting standards. Management also accepts high levels of risk. These all provide an environment in which employees will do what is necessary to meet expectations even if it means fudging the accounting. 3) Some inherent risks in the industry and subindustry is that the retail athletic shoe market would be a lack of customer base to support all of the different competitors. Also in an area like Alabama where the market may be saturated with competition, and there will not be enough excess cash to spent on shoes. Also some other risks are the shoe stores in the malls. Also in order to get ahead of all the competition, a company may have unrealistic growth goals and may be taking on too much debt in order to attempt to grow ahead of competitors. You would want to ensure that the client is actually making the sales and that the receivables they are claiming do actually exist. 4) 1) There operating cash......

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Just for Feet

...1. Based on the information given in the case and the data calculated (above), there are multiple high-risk financial statement items for the 1998 audit of Just for FEET, specifically regarding account balances and presentations and disclosures. Notably, inventory valuation, which increased from 35.47% of total assets in 1996 to 58.01% in 1998, and the accuracy and allocation of vendor allowances were marked as the highest risk areas. With FEET's use of creative accounting, accuracy and classification of transactions/events must be monitored as well. While the calculation of store opening costs fluctuated, store operating costs saw a gross increase - from $69,329 in 1996 to $232,505 in 1998. 2. Some internal control risks common among large, high-volume retail stores include dealing with inherent limitations and potential fraud. Even if a well-designed internal control system is in place, the employees using it are ultimately the deciding factors in its effectiveness. For example, management may instruct an employee or easily-influenced executive (of another company) to alter information or confirmations or multiple employees may conspire to steal assets or misstate records (collusion; misappropriation of assets). 3. Businesses that face extreme competition are susceptible to many inherent risk factors – the measurement of the auditor’s assessment of the likelihood that there are material misstatements in an account balance before considering the effectiveness of internal......

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Just for Feet

...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 Current Assets Total Current Assets Property & Equipment, net Goodwill, net Other Total Assets Current Liabilities: Short-Term Borrowings Accounts Payable Accrued Expenses Income Taxes Payable Current Maturities of LT Debt Total Current Liabilities LT Debt & Obligations Total Liabilities Shareholders' Equity: Common Stock Paid-In Capital Retained Earnings Total Shareholders' Equity Total Liabilities & SH' Equity 0.00% 50.69% 7.47% 58.15% 36.93% 9.04% 1.74% 35.47% 0.56% 83.75% 14.61% 0.00% 1.64% 100.00% 26.61% 10.35% 1.46% 0.11% 0.56% 39.09% 2.76% 41.85% 1998 1.80% 0.00% 2.74% 58.01% 2.65% 65.20% 23.29% 10.31% 1.19% 100.00% 0.00% 14.55% 3.60% 0.13% 0.96% 19.25% 33.51% 52.75% 0.00% 36.20% 11.04% 47.25% 100.00% 100.00% 100.00% 2 Beka Vinogradov ACCT 3596: Case Analysis #1. Common-Sized Income Statements. Just for FEET, Inc. Income Statement Years ending Jan 31st 1997 100.00% 58.46% 41.54% 0.23% 29.18% 1.41% 0.25% 3.77% 34.60% 7.17% -0.30% 0.29% 7.15% 2.68% 4.47%......

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Just for Feet, Inc.

...Just for Feet, Inc. Abstract Just for Feet, Inc. (JFF), its executive vice president; Don-Allen Ruttenberg, and the company’s auditing firm; Deloitte & Touche, LLP, and its associates; Steven H. Barry, CPA and Karen T. Baker, CPA, were all found guilty, on some level, in the fraud of Just for Feet, Inc. Ruttenberg purposely gave the company’s accounting department false financial information causing the accountants to record over $5 million in fictitious accounts receivable. This, in turn, caused the income statement to be overstated by $5 million (Knapp, M., 2009). The company’s auditors Deloitte, Barry, and Baker included the false information in JFF’s 1998 financial reports. These false reports were prepared for public filing with the Securities and Exchange Commission, which resulted in shareholders of JFF to be defrauded. Ruttenberg, Deloitte, Barry, and Baker were brought to justice, and the company’s shareholders settled for $32.4 million in a class-action lawsuit (Knapp, M., 2009). Just for Feet Based in Birmingham, Alabama, Just for Feet (JFF) was established in 1977 and became a publicly traded company in 1994. Despite a period of slow growth in the retail industry, JFF expanded rapidly from 1994 to 1999. By 1998, the company’s exceptional revenue growth deemed it as the top-selling retailer of athletic shoes and apparel in the United States. In JFF’s 1998 financial statements, the company reported $689.4 million in assets, $774.9......

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Case 1.3 Just for Feet

...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 |......

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Ten Years in Just 89 Square Feet

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Just for Feet Analysis

...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. 1996 Just for FEET, Inc. Balance Sheet Years ending Jan 31st 1997 1998 36.93% 9.04% 1.74% 35.47% 0.56% 83.75% 14.61% 18.40% 0.00% 3.53% 45.97% 1.50% 69.40% 21.08% 1.80% 0.00% 2.74% 58.01% 2.65% 65.20% 23.29% 0.00% 8.05% 10.31% 1.64% 100.00% 1.46% 100.00% 1.19% 100.00% 26.61% 10.35% 1.46% 0.11% 20.22% 11.41% 2.07% 0.30% 0.00% 14.55% 3.60% 0.13% 0.56% 0.72% 0.96% 39.09% 2.76% 41.85% 34.73% 5.48% 40.21% 19.25% 33.51% 52.75% 0.00% 50.69% 7.47% 0.00% 48.76% 11.03% 0.00% 36.20% 11.04% 58.15% 59.79% 47.25% 100.00% 100.00% 100.00% Current Assets: Cash & Equivalents Marketable Securities AFS Accounts Receivable Inventory Other Current Assets Total Current Assets Property & Equipment, net Goodwill, net Other Total Assets Current Liabilities: Short-Term Borrowings Accounts Payable Accrued Expenses Income Taxes Payable Current Maturities of LT Debt Total Current Liabilities LT Debt & Obligations Total Liabilities Shareholders' Equity: Common Stock Paid-In Capital Retained Earnings Total Shareholders' Equity Total Liabilities & SH' Equity 2 Beka Vinogradov ACCT 3596: Case Analysis #1. Common-Sized Income......

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Just for Feet

...T.1.SAS No. 106 “Audit Evidence’, identifies the principal “managementassertions” that underlie a set of financial statements. The occurrenceassertion was particularly critical for ZZZZ Best’s insurance restorationcontracts. ZZZZ Best’s auditors obtained third-party confirmations tosupport the contracts, reviewed available documentation, performedanalytical procedures to evaluate the reasonableness of the revenuesrecorded on the contracts, and visited selected restoration sites.Comment on the limitations of the evidence that these proceduresprovide with regard to the management assertion of occurrence. Upon the performance of those procedures, the auditors of ZZZZBest Inc. had obtained evidence in order to draw reasonableconclusions on which to base the audit opinion. However, theseevidences are subject to limitations due to factors not controlled by theauditors. First limitation of the evidence is its insufficiency to supportthe occurrence, reliability and relevance of events and transactions.Mere paperwork is not enough to prove an event to have existed. Italso needs inquiries from people accountable in recording orrecognizing such events. Moreover, there’s a risk in being dependenton evidences provided by the management itself. Auditors should askcooperation from the third parties in order to verify all records. Secondlimitation is the rules implemented by the client which prohibit auditorsto further inspect or review the financial standing of the company.Some clients...

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Solution to Just for Feet, Inc.: Chapter 2

...Just For Feet, Inc. Financials and Financial Ratios ASSETS 30-Jan-99 31-Jan-98 Cash and equivalents $12,412 $82,490 Accounts receivable 18,875 15,840 Merchandise inventory 399,901 206,128 Other 18,302 6,709 Total Current Assets 449,490 311,167 Property and Equipment, net 160,592 94,529 Goodwill, net 71,084 36,106 Other 8,230 6,550 Total Fixed Assets 239,906 137,185 Total Assets 689,396 448,352 LIABILITIES AND EQUITY Short-term borrowings 90,667 Accounts payable 100,322 51,162 Accrued expenses 24,829 9,292 Income taxes 1,363 Short-Term Deferred income taxes 902 Current maturities 6,639 3,222 Total Current Liabilities 132,692 155,706 Long-term obligations 216,203 16,646 Deferred lease rentals 13,162 7,212 Long-Term Deferred income taxes 1,633 704 Total Long Term Liabilities 230,998 24,562 Common stock 3 3 Paid-in capital 249,590 218,616 Retained earnings 76,113 49,465 Total Shareholders' Equity 325,706 269,084 Total Liabilities 689,396 448,352 STATEMENT OF EARNINGS Fiscal 1998 Fiscal 1997 Net sales 774,863 478,638 Cost of sales 452,330 279,816 Gross profit 322,533 ......

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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% | 65.20% | 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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Just for Feet Case Study Review

...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

...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......

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Just for Feet

...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 |   |   |   | AR turnover | 44.641 | 42.749 | 39.127 | Inventory turnover | 1.493 | 1.649 | 1.107 | Profitability ratios | | |   | Operating margin | 6.61% | 7.17% | 8.12% | Net margin | 3.44% | 4.47% | 5.43% | Return on assets | 3.87% | 4.77% | 3.70% | Return on equity | 8.18% | 7.98% | 6.37% | According to the data computed above, Just For Feet did relatively well in liquidity since the current ratio and debt to equity were similar to companies in the same industry. Besides, JFF had a typical AR turnover rate as others in the retail businesses, and the operating margin and net margin also looked fine. But turn to inventory turnover rate, the number was quite terrible for a retail company. Compare to average number of the industry which is around 2.8-3.2, JFF’s faced a serious difficulty on inventory turnover, which led to a potential risk in generating profit. Also the return on assets and equity were below the competitors in the market, and the time interest earned......

Words: 1362 - Pages: 6

Just for Feet

...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. 1996 Just for FEET, Inc. Balance Sheet Years ending Jan 31st 1997 1998 36.93% 9.04% 1.74% 35.47% 0.56% 83.75% 14.61% 18.40% 0.00% 3.53% 45.97% 1.50% 69.40% 21.08% 1.80% 0.00% 2.74% 58.01% 2.65% 65.20% 23.29% 0.00% 8.05% 10.31% 1.64% 100.00% 1.46% 100.00% 1.19% 100.00% 26.61% 10.35% 1.46% 0.11% 20.22% 11.41% 2.07% 0.30% 0.00% 14.55% 3.60% 0.13% 0.56% 0.72% 0.96% 39.09% 2.76% 41.85% 34.73% 5.48% 40.21% 19.25% 33.51% 52.75% 0.00% 50.69% 7.47% 0.00% 48.76% 11.03% 0.00% 36.20% 11.04% 58.15% 59.79% 47.25% 100.00% 100.00% 100.00% Current Assets: Cash & Equivalents Marketable Securities AFS Accounts Receivable Inventory Other Current Assets Total Current Assets Property & Equipment, net Goodwill, net Other Total Assets Current Liabilities: Short-Term Borrowings Accounts Payable Accrued Expenses Income Taxes Payable Current Maturities of LT Debt Total Current Liabilities LT Debt & Obligations Total Liabilities Shareholders' Equity: Common Stock Paid-In Capital Retained Earnings Total Shareholders' Equity Total Liabilities & SH' Equity 2 Beka Vinogradov ACCT 3596: Case Analysis #1. Common-Sized Income......

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恋舞OL | GQ-I do love you | 不愉快的果实