Prepare common-sized balance sheets and income statements for Just for Feet for the period 19961998. Also compute
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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 and 1998. Given these data, comment on what you believe were the high-risk financial statement items for the 1998 Just for Feet audit.
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Commonsized balance sheets for Just for Feets 19961998 fiscal years 1998 1997 1996 Current assets Cash 02 19 37 Marketable securities 00 00 09 Accounts receivable 03 04 02 Inventory 58 46 35 Other cur...View the full answer
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