13_AR_inventories-1

13_AR_inventories-1 - ACCT 3111 JACOBSON STORES (Accounts...

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ACCT 3111 JACOBSON STORES (Accounts Receivables, Inventories, Advertising) Refer to the income statement, balance sheet, and cash flow statement for Jacobson Stores. The company operates specialty department stores catering to discerning customers with preferences for quality merchandise. The Company emphasizes quality merchandise, fully staffed stores, personalized customer service and attractive, comfortable shopping surroundings. Each store features fashion apparel and accessories for the family, and most offer decorative accents for the home. The following additional information is obtained from the notes to the financial statements. FISCAL YEAR. The Company's fiscal year ends on the last Saturday in January. Each of the fiscal years consisted of 52 weeks. CUSTOMER CREDIT AND RECEIVABLES: An account is reviewed for write-off if payment of 20% (one full monthly payment) has not been received during the previous four month period or if it is otherwise determined that the account is uncollectible. Credit sales under Jacobson credit plans were 44.6% of total sales in fiscal year ending January 2005, 43.6% in fiscal year ending January 2004 and 44.8% in fiscal year ending in January 2003. Credit plans consist of option and extended payment accounts. Receivables from customers at year-end were as follows: (Figures in thousands unless noted.) 01/2005 01/2004 01/2003 Receivables from customers 42,460 43,907 44,777 Less reserve for doubtful accounts 750 773 793 41,710 43,134 43,984 Accounts written off, net of recoveries, were $1,049,000 in fiscal year ending in January 2005, $863,000 in fiscal year ending in January 2004 and $581,000 in fiscal year ending in January 2003.
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13_AR_inventories-1 - ACCT 3111 JACOBSON STORES (Accounts...

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