ACC 207 Pacific Sunwear CASE STUDY CP 1

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ACC 207 Pacific Sunwear CASE STUDY CP 1 -1, p. 43 Professor: Rose Martin

ACC 207 Pacific Sunwear CASE STUDY CP 1 -1, p. 43 Professor: Rose Martin Group members: Kartik Patel Danielle Fuentes Steven Tuazon Erick Valencia

1. What types of products does it sell? Z Types of products are as

1. What types of products does it sell? Z Types of products are as follows: Z Board-sport inspired casual apparel Z Footwear Z Hip-hop inspired casual apparel Z Accessories catering to teens and young adults

2. Did the C. E. O and executive chairman of the board believe that

2. Did the C. E. O and executive chairman of the board believe that the company had a good year? What do they cite as indicators of their company’s recent performance? Z Yes, the C. E. O and executive chairman of the board believe that the company had a good year. Z They cite that sales grew by $188 million to $ 1. 23 billion, an increase of 18 percent. Z And, in 2004 they ended with 990 stores vs. , 2005 they opened 120 new stores in 2005, which brought the grand total to 1110.

3. On what date does Pac. Sun’s most recent reporting year end? ZJanuary 29

3. On what date does Pac. Sun’s most recent reporting year end? ZJanuary 29 th, 2005

4. For how many years does it present complete A. Balance sheets January 31

4. For how many years does it present complete A. Balance sheets January 31 st, 2004 (1) and January 29 th , 2005 (2) B. Income statements February 1 st, 2003, January 31 st, 2004 and January 29 th 2005 (3) C. Cash Flow statements February 1 st 2003, January 31 st, 2004 and January 29 th, 2005 (3)

5. Are its financial statements audited by independent CPAs? How do you know? Z

5. Are its financial statements audited by independent CPAs? How do you know? Z Yes, the financial statements are audited by independent CPAs. Z We know that because, clarifications contained in the February 7 th, 2005 letter from the office of the chief accountant of the securities and exchange commissions to the center for public company audit firms to the America institute of CPAs.

6. Did its total assets increase or decrease over the last year? ZTotal assets

6. Did its total assets increase or decrease over the last year? ZTotal assets increased from $644, 487, 000 to $677, 778, 000.

7. How much inventory (in dollars) did Pac Sun have as of January 29,

7. How much inventory (in dollars) did Pac Sun have as of January 29, 2005 (accountants would call this the ending balance)? Z$ 175, 081, 000

8. Write out its basic accounting (balance sheet) equation and provide the values in

8. Write out its basic accounting (balance sheet) equation and provide the values in dollars reported by the company as of January 29, 2005. Basic accounting equation is: ASSETS = LIABILITIES + STOCKHOLDERS EQUITY $677, 778, 000 = $219, 744, 000 + $458, 034, 000

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