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• W2343157642 abstract "Introduction Mr. Johnson had a highly valued business relationship with Mr. Elles. Johnson was the executive manager of Kohl's Corporation's profitable Children's Division, while Elles served as Carter's, Inc,. executive vice-president of sales. All seemed to be going well until Elles asked Johnson to sign a letter that misstated the amount of Kohl's discounts for the prior year's purchases. These two executives had previously negotiated discounts totaling $16.5 million, which Kohl's had already taken. The letter stated the amount as approximately $12.1 million, an understatement of $4.4 million. Elles explained that the letter concerned internal budgetary ... not financial statement issues (Hornbeck, 2012). To Johnson, the signing of the letter apparently seemed like a necessary formality in order to maintain Kohl's favorable discounts. Johnson also desired to keep Kohl's, and particularly its Children's Division, as cost-effective as possible. Kohl's financials would not be affected by Johnson signing the letter. What harm could come from signing the letter? Kohl's opened its first department store in 1962 in Brookfield, Wisconsin. Within 50 years, Kohl's had expanded its operations to over 1,100 locations in 49 states with revenues exceeding $16 billion (Kohl's Fact, 2014). Kohl's went public in 1992 and eventually became the third largest department store in the world (Deloitte, 2014). A sizeable portion of Kohl's revenues came from its Children's Division, which generated annual sales of about $2 billion. began its operations in 1865 in Braselton (now a suburb of Atlanta, Georgia) by William Carter. With its Carter's and Oshkosh B'gosh brands, the company grew to become the largest branded marketer in the United States of apparel made exclusively for babies and young children (Carter's, 2015). operated more than 700 company-owned stores. It also sold merchandise to other large retailers; including Walmart, Target, Toys R Us, Costco, JCPenney, Macy's, Sears, and Kohl's. Kohl's was largest customer (SEC, 2012) and accounted for approximately ten percent of sales (Carter's, 2010). market value had grown rapidly as its stock had nearly doubled in price since its initial public offering (IPO) less than four years earlier (Yahoo, 2015). Elles, as vice-president of sales, played a key role in success by cultivating profitable arrangements with other major retailers. Elles, however, negotiated a special arrangement with Johnson. In fact, Elles was providing discounts greater than those had authorized him to allow. and others in the clothing industry routinely gave discounts, also known as accommodations, to its retail customers. These accommodations or discounts helped their customers pay for related to inventory clearance and sales promotions and to allow customers to achieve a desired profit margin on their subsequent resale of products (SEC, 2012). For the retailer, these discounts reduced inventory costs and the amount due to Carter's. The discounts were reported in a contra-revenue account and as a reduction in the receivable due from the customer. Discounts were negotiated between the supplier and retailer and were often not finalized until just before or after the end of a fiscal period (SEC, 2012). To increase sales to Kohl's and maintain the mutually beneficial relationship, Elles granted higher discounts than authorized. Normally Kohl's would not take these excess discounts, however, until the following accounting period. This delay prevented management from learning of the additional discounts allowed Kohl's. Accordingly, the accommodations were recorded by in the period when Kohl's paid for the merchandise. Anyway, why should Johnson, a Kohl's employee, be concerned as to when recognized the discount? accounting department monitored the amount of discounts given to its customers. …" @default.
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• W2343157642 date "2015-01-01" @default.
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• W2343157642 title "An Inventory Letter from Carter's to Kohl's--What Could Go Wrong?" @default.
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