Accounting Annual Report Project

Accounting Annual Report Project

Alex Parrott Accounting 201 Annual Report Project Semester: Spring 2014 4–18–14
A. Introduction Hooker Furniture Corporation is a growing furniture company in today's industry and current economic circumstances. This company was incorporated in Virginia in 1924, and is ranked among the nation's largest publicly top 10 furniture sources. Paul B. Toms Jr. has been Chairman and Chief Executive Officer for Hooker Furniture Corporation since 2000 and has also been with the company since 1983. The Hooker Furniture Corporation home office is located in Martinsville, VA. This company offers wood furniture, metal furniture, and upholstered furniture products. Including home entertainment, home office, accent, dining, bedroom, and ... Show more content on Helpwriting.net ...This difficult transition for the company was necessary for the long term–term cost and competitiveness, and it also complements their relationship with their main long–term supplier in China. On the other hand as for the Company's domestic upholstery division, it proved to be the most significant positive impact with having strong sales growth and profitability. As a result consolidated net income increased by $3.6 million or (70.6%) over the prior year even though a 2% lower net sales, due to the company transition. In conclusion to reading both the message to shareholders and management's discussion and analysis, the current situation and the outlook for the future are very good in my opinion. This company may have had a slow start in the casegoods sales for example and the current situation may have suffered a little but the first part of the fiscal 2013 year. But they were looking to the future and making their transition in that area, for more efficiency in the future and picked up sales the second half of the year. They also made up for this transition with over a 70% increase in there upholstery division sales. The Outlook that Hooker Furniture Corporation is great, they are making new business deals and making employee transitions to help them make it through the Great Recession as the housing market goes back up. C. Financial Statements Hooker Furniture Corporation uses a multi–step format for what they call the Statement of Income (Income

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