| Course | ACCT 370 Financial Statement Analysis (ACCT370) |
|---|---|
| Module/Week | 1 |
| Assignment | Excel Project: Part 1 |
| Paper type | Excel project part with company information and historical statements |
| Length | about 639 words, 2 double-spaced pages plus title page and references. Course guide: a workbook with company information and historical balance sheets, income statements and statements of cash flows for the selected company and 2-3 competitors, presented here as tables with the sources and layout explained |
| Format | APA 7 student paper |
| Points | 50 |
| School | Liberty University Online |
| Program | BS in Accounting |
| Where it sits | Module/Week 1 in Liberty's published ACCT 370 course guide; current sections can differ |
| Updated | October 2026 |
Free sample paper for ACCT 370 Week 1
Crocs, Inc. and Two Footwear Competitors: Company Information and Three Years of Historical Financial Statements
[Student Name]
School of Business, Liberty University
ACCT 370: Financial Statement Analysis
Excel Project: Part 1
[Instructor Name]
[Date]
Every figure is taken from the companies' annual reports on Form 10-K filed with the SEC; the workbook layout and commentary are written for this sample.
Crocs, Inc. and Two Footwear Competitors: Company Information and Three Years of Historical Financial Statements
Company Information
Crocs, Inc. designs and sells casual footwear under two brands, Crocs and HEYDUDE, and its common stock trades on the Nasdaq Global Select Market under the symbol CROX. The company sells in more than 85 countries through two channels: wholesale, which supplied 47.9% of 2025 revenues, and direct-to-consumer sales through company-operated stores, e-commerce sites and third-party marketplaces (Crocs, Inc., 2026). It reports two segments, one for each brand, and its fiscal year ends on December 31. In 2025, Crocs Brand revenues were $3.33 billion and HEYDUDE Brand revenues were $715 million, down 13.3% from 2024. International sales reached 48.6% of Crocs Brand revenues, up from 41.0% two years earlier.
Crocs acquired HEYDUDE in 2022, which explains the large goodwill and trademark balances on the balance sheet and the long-term debt used to finance the purchase. Revsine et al. (2018) note that the first task of analysis is to understand the economic and institutional setting a company operates in, and for Crocs that setting includes a single dominant product, third-party manufacturing outside the United States and heavy exposure to tariffs.
Competitor Selection
Steven Madden, Ltd. (Nasdaq: SHOO) designs and sources fashion footwear, handbags and accessories and sells them wholesale and directly to consumers; its fiscal year also ends December 31 (Steven Madden, Ltd., 2026). Wolverine World Wide, Inc. (NYSE: WWW) owns a portfolio of casual, work and outdoor brands, including Merrell, Saucony and Sweaty Betty. Both, like Crocs, outsource production and sell through a mix of wholesale and owned channels. One adjustment is needed: Wolverine reports on a 52- or 53-week year, and its fiscal 2025 was a 53-week year ending January 3, 2026 (Wolverine World Wide, Inc., 2026). Its revenue therefore includes one extra week, roughly 2% more selling days than the others, which the workbook notes beside every Wolverine figure.
Crocs, Inc. Condensed Income Statements (in thousands)
| Line | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenues | 3,962,347 | 4,102,108 | 4,040,647 |
| Cost of sales | 1,752,337 | 1,691,850 | 1,683,592 |
| Gross profit | 2,210,010 | 2,410,258 | 2,357,055 |
| Selling, general and administrative | 1,163,940 | 1,364,265 | 1,469,425 |
| Goodwill and asset impairments | 9,287 | 24,082 | 738,115 |
| Income from operations | 1,036,783 | 1,021,911 | 149,515 |
| Interest expense | 161,351 | 109,264 | 88,287 |
| Other income (expense), net | 840 | (2,062) | 11,750 |
| Income before income taxes | 876,272 | 910,585 | 72,978 |
| Income tax expense (benefit) | 83,706 | (39,486) | 154,176 |
| Net income (loss) | 792,566 | 950,071 | (81,198) |
| Diluted earnings (loss) per share | $12.79 | $15.88 | $(1.50) |
The 2025 loss is not an operating collapse. Strip out the $738.1 million impairment and income from operations would have been about $887.6 million, still 22% of revenues. The 10-K explains that the charge followed downward revisions to the HEYDUDE forecast in the second quarter, writing down the trademark by $430.0 million and the brand's goodwill by $307.0 million (Crocs, Inc., 2026). Because the impairments are not deductible for tax purposes, income tax expense was $154.2 million, an effective rate of 211.3%, which is why a pretax profit of $73.0 million became a net loss.
Crocs, Inc. Condensed Balance Sheets at December 31 (in thousands)
| Line | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and cash equivalents | 149,288 | 180,485 | 130,354 |
| Accounts receivable, net | 305,747 | 257,657 | 278,191 |
| Inventories | 385,054 | 356,254 | 368,687 |
| Other current assets | 70,615 | 77,873 | 108,651 |
| Total current assets | 910,704 | 872,269 | 885,883 |
| Property and equipment, net | 238,315 | 244,335 | 238,191 |
| Goodwill | 711,588 | 711,491 | 404,689 |
| Intangible assets, net | 1,792,562 | 1,777,080 | 1,324,680 |
| Deferred taxes, lease and other assets | 990,665 | 1,206,978 | 1,321,307 |
| Total assets | 4,643,834 | 4,812,153 | 4,174,750 |
| Total current liabilities | 698,296 | 740,208 | 700,129 |
| Long-term borrowings | 1,640,996 | 1,349,339 | 1,230,885 |
| Lease and other long-term liabilities | 850,619 | 886,874 | 950,453 |
| Total liabilities | 3,189,911 | 2,976,421 | 2,881,467 |
| Total stockholders' equity | 1,453,923 | 1,835,732 | 1,293,283 |
| Total liabilities and equity | 4,643,834 | 4,812,153 | 4,174,750 |
Equity fell $542.4 million in 2025 even though the company stayed cash-generative, because the net loss and $582.3 million of share repurchases both reduced it. Long-term borrowings have fallen by $410 million since 2023 as the company paid down acquisition debt.
Crocs, Inc. Cash Flow Summary (in thousands)
| Line | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net cash provided by operating activities | 930,444 | 992,486 | 710,431 |
| Purchases of property, equipment and software | (115,625) | (69,347) | (51,231) |
| Free cash flow (operating cash flow less capital spending) | 814,819 | 923,139 | 659,200 |
| Repurchases of common stock | (175,019) | (552,451) | (582,320) |
| Depreciation and amortization (noncash, within operating) | 54,304 | 69,840 | 79,282 |
Operating cash flow exceeded net income by $791.6 million in 2025, almost entirely because the impairment reduced earnings without using any cash. Free cash flow covered the year's buybacks with room left over.
Competitor Comparison, Fiscal 2025 (in thousands)
| Line | Crocs | Steven Madden | Wolverine (53 weeks) |
|---|---|---|---|
| Revenues | 4,040,647 | 2,534,109 | 1,874,300 |
| Gross profit | 2,357,055 | 1,049,469 | 886,700 |
| Income from operations | 149,515 | 80,771 | 150,200 |
| Net income (loss) attributable to the company | (81,198) | 44,661 | 95,800 |
| Total assets | 4,174,750 | 1,914,277 | 1,709,300 |
| Total stockholders' equity | 1,293,283 | 866,388 | 408,000 |
| Net cash provided by operating activities | 710,431 | 162,199 | 140,000 |
Crocs is the largest of the three by revenue and assets, and its gross margin, 58.3%, is well above Steven Madden's 41.4% and Wolverine's 47.3%. Wolverine relies most on borrowed money: its equity is less than a quarter of its total assets. Steven Madden's 2025 revenue rose 11.0% while its operating income fell sharply, a pattern Part 3's horizontal analysis will examine.
Workbook Layout
The workbook has one raw-data tab for each company, holding the statements line by line in the filer's own order with the filing date and EDGAR accession number at the top, and one condensed tab per statement that pulls from the raw tabs with cell references rather than typed values. A checks tab confirms that every balance sheet balances and that the net income figure opening the cash flow statement matches the one closing the income statement. Fiscal 2023 balance sheet figures come from the 2024 annual reports, since each 10-K presents only two balance sheet dates (Crocs, Inc., 2025; Steven Madden, Ltd., 2025; Wolverine World Wide, Inc., 2025).
References
Crocs, Inc. (2025). Annual report on Form 10-K for the fiscal year ended December 31, 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1334036/000133403625000009/crox-20241231.htm
Crocs, Inc. (2026). Annual report on Form 10-K for the fiscal year ended December 31, 2025. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1334036/000133403626000006/crox-20251231.htm
Revsine, L., Collins, D. W., Johnson, W. B., Mittelstaedt, H. F., & Soffer, L. C. (2018). Financial reporting and analysis (7th ed.). McGraw-Hill Education.
Steven Madden, Ltd. (2025). Annual report on Form 10-K for the fiscal year ended December 31, 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/913241/000162828025009503/shoo-20241231.htm
Steven Madden, Ltd. (2026). Annual report on Form 10-K for the fiscal year ended December 31, 2025. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/913241/000162828026012995/shoo-20251231.htm
Wolverine World Wide, Inc. (2025). Annual report on Form 10-K for the fiscal year ended December 28, 2024. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/110471/000011047125000046/www-20241228.htm
Wolverine World Wide, Inc. (2026). Annual report on Form 10-K for the fiscal year ended January 3, 2026. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/110471/000162828026012614/www-20260103.htm
What the ACCT 370 Week 1 instructions ask
Part 1 of the ACCT 370 Excel project arrives in the opening module/week with chapters 1 and 2 of Revsine et al., a presentation, the requirements checklist, class introductions and the first Connect homework set. Students choose a company traded on a recognized exchange, such as the New York Stock Exchange or Nasdaq, and must obtain the instructor's approval by email before building anything. The workbook then records company information and historical balance sheets, income statements and statements of cash flows for the chosen company and two or three competitors. Everything that follows in Parts 2, 3 and 4, and in the closing report, is calculated from these sheets, so errors entered now travel through the whole course.
How this ACCT 370 Week 1 example is built
The sample opens with a company profile for Crocs: two brands, two sales channels, more than 85 countries, a calendar fiscal year and a Nasdaq listing. A short paragraph justifies the competitor set, a fashion footwear company and a multi-brand casual and outdoor company, and records the fiscal year mismatch with Wolverine. Three tables follow for Crocs, a condensed income statement, a condensed balance sheet and a cash flow summary for 2023 to 2025, each in thousands of dollars and each tied to a filing. A fourth table compares the three companies' 2025 revenue, gross profit, operating income, net income, total assets, equity and operating cash flow. Closing notes describe the workbook tabs.
ACCT 370 Week 1 grading rubric: where the points go
Instructors grading this ACCT 370 deliverable look first at accuracy: whether the statements match the filings, whether subtotals foot and whether total assets equal liabilities plus equity in every year. They then look at completeness, meaning three statements for the company and each competitor, and at organization, with consistent units, years running in the same direction and sources noted on each sheet. Company information should be specific enough to explain why the competitors were chosen. Because the 50 points of Part 1 rest mostly on data that later parts depend on, a workbook whose figures come from a free stock site rather than the 10-K tends to lose points twice, now and again when Part 2 ratios inherit its errors.
ACCT 370 Week 1 help: mistakes that cost points
Pull the annual reports from the SEC's EDGAR system rather than copying figures from a finance website, which may reclassify lines or use different fiscal years. Keep the filer's own line order on a raw-data sheet, then build condensed statements that refer to it with formulas. Pick competitors of similar business model, not only similar products, and say why. Check that every balance sheet balances before submitting. Flag any unusual item, such as an impairment, a 53-week year or an acquisition, in a note now, because Part 3's trends and Part 4's projections must treat it separately. Email your company choice early in the week so approval does not hold up the work.
Related ACCT 370 sample papers
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- ACCT 370 Week 3: Excel Project Part 2
- ACCT 370 Week 5: Excel Project Part 3
- ACCT 370 Week 7: Excel Project Part 4
- ACCT 370 Week 8: Financial Analysis Report
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ACCT 370 Week 1 questions, answered
What is ACCT 370 Excel Project Part 1?
The first 50-point part of the course's Excel project, recording company information and historical income statements, balance sheets and cash flow statements for a listed company and two or three competitors.
Where can I find a free ACCT 370 Week 1 sample paper?
Right here: a finished ACCT 370 Week 1 Excel project sample for Crocs, Inc. against Steven Madden and Wolverine World Wide, with three years of 10-K figures laid out as workbook tables.
Where do I find a company's historical financial statements for free?
Every public company's annual 10-K sits free on the SEC's EDGAR database; the company's investor relations site usually links to the same filing.
How many competitors does the ACCT 370 project need?
Two or three competitors, compared with the selected company throughout the project, so choose firms whose business model and size make the ratios meaningful.
What else is due in ACCT 370 Module/Week 1?
Part 1 shares the week with the syllabus checklist, a class introduction post and the first Connect set, and the reading is Revsine et al.'s first two chapters and a presentation.
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