...The Leslie Fay Companies | Common Size Balance Sheets 1987-1991 | (In millions) | | 1991 | 1990 | 1989 | 1988 | 1987 | Assets: | | | | | | Current Assets: | | | | | | Cash | 1.19% | 1.07% | 1.42% | 1.52% | 1.34% | Receivables | 30.04% | 31.78% | 30.29% | 30.28% | 27.14% | Inventories | 32.04% | 33.70% | 31.27% | 29.48% | 27.18% | Prepaid Expenses & Other Current Assets | 4.98% | 5.13% | 5.03% | 4.52% | 5.21% | Total Current Assets: | 68.24% | 71.68% | 68.01% | 65.79% | 60.87% | | | | | | | Property, Plant, and Equipment | 9.90% | 6.84% | 7.02% | 7.13% | 7.89% | Goodwill | 20.54% | 20.07% | 23.55% | 25.92% | 29.57% | Deferred Charges and Other Assets | 1.31% | 1.41% | 1.42% | 1.16% | 1.67% | Total Assets: | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | | | | | | | Liabilities & Shareholders Equity | | | | | | Current Liablities: | | | | | | Notes Payable | 8.84% | 10.94% | 5.94% | 7.99% | 5.08% | Current Maturities of long term debt | 0.08% | 0.07% | 0.08% | 0.08% | 0.46% | Accounts payable | 8.06% | 9.87% | 9.97% | 12.56% | 10.35% | Accrued Interest Payable | 0.76% | 0.87% | 1.06% | 1.07% | 1.21% | Accrued compensation | 4.27% | 3.39% | 5.03% | 4.57% | 3.47% | Accrued expenses and other | 1.09% | 1.46% | 1.50% | 1.98% | 2.42% | Income taxes payable | 0.35% | 0.52% | 1.19% | 1.68% | 0.59% | Total Current Liablities: | 23.45% | 27.11% | 24.76% | 29.94% | 23.58% | | | | | | | ...
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...Just for Feet 1) High risk financial statement items for Just for feet are the outrageous increase in debt from 1998 to 1999. The disappearance in property and equipment from 1998 to 1999. Also the large decrease in inventory from 1997 to 1998 would need to be looked into. The doubling in accounts payable is also something that would need to be examined 2) Some of internal audit risks are that management was obsessive over earnings and doing anything to meet earnings expectations. Also some other problems are that management aggressively interprets accounting standards. Management also accepts high levels of risk. These all provide an environment in which employees will do what is necessary to meet expectations even if it means fudging the accounting. 3) Some inherent risks in the industry and subindustry is that the retail athletic shoe market would be a lack of customer base to support all of the different competitors. Also in an area like Alabama where the market may be saturated with competition, and there will not be enough excess cash to spent on shoes. Also some other risks are the shoe stores in the malls. Also in order to get ahead of all the competition, a company may have unrealistic growth goals and may be taking on too much debt in order to attempt to grow ahead of competitors. You would want to ensure that the client is actually making the sales and that the receivables they are claiming do actually exist. 4) 1) There operating cash flows...
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...CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section...
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...failing to put together appropriate team members, etc. How can auditors to more effectively detect financial statement fraud? One of the best ways is to “profit” from the mistakes of others. The following is a list of lessons to be learned from the cases that we examined in class and AICPA codes that are applied to each case. Independence (ET section 101) Rule 101–Independence. A member in public practice shall be independent in the performance of professional services as required by standards promulgated by bodies designated by Council. The impairment of independence can happen due to many reasons such as the close financial relationship between a covered member and a client, a covered member’s close relative’s position in the client’s company, etc. In the case of Leslie Fay, BDO Seidman’s independence was impaired, the auditing firm of Leslie Fay since mid-1970s, because the on-going litigation brought up by Leslie Fay’s stockholders. This is supported by the paragraph 8 of ET section 101, which states, “In some circumstances, independence may be considered to be impaired as a result of litigation or the expressed intention to commence litigation.” Another example of independence impairment could come from the case Livent. In this case, Maria Messina and Christopher Craib were two former members on Livent’s audit engagement team. Maria Messina became the CFO of Livent after leaving...
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...A CONTEMPORARY AUDITING REAL ISSUES AND CASES Seventh Edition Michael C. Knapp University of Oklahoma ; \ 1% SOUTH-WESTERN CENGAGE Learning- Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States CONTENTS SECTION 1 Comprehensive Cases 1 Case 1.1 Enron Corporation 3 Arthur Edward Andersen established a simple motto that he required his subordinates and clients to invoke: "Think straight, talk straight." For decades, that motto sewed Arthur Andersen & Co. well. Unfortunately, the firm's association with one client, Enron Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law enforcement authorities revealed a massive accounting fraud that had grossly misrepresented the company's reported operating results. Key features of the fraud were improper accounting for "vendor allowances" and intentional understatements of the company's inventory valuation allowance. K Y TOPICS: applying analytical procedures, identifying inherent risk and control risk E factors, need for auditors to monitor...
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...On August 29th, 2005, the winds whipped outside at a fierce 175 miles per hour, rain pounded on the rooftops, flooding imminent as levees strained and gave way pouring into New Orleans. The Category 5 hurricane terrorizing all cities and states on its war path of destruction; Katrina is what they call her and her storm surge reached 20 feet high. 1,836 was the final death toll that Hurricane Katrina caused and her affects were impacted over approximately 90,000 square miles. 80% of New Orleans was underwater and some places were up to 20 feet under. (11 Facts About Hurricane Katrina) This destruction is unimaginable to most of us but for those that experienced it, it is something they never want to experience again. Along Katrina’s route of destruction, tornados were developed wreaking havoc in other states. In this paper I will discuss, in depth, hurricanes and tornados and the destruction they cause to our nation. The word hurricane was derived from the Spanish word “huracan” this word originated from a Mayan storm god. The word hurricane was used in the West Indies where they described any tropical cyclone. (Hurricane: What is a Hurricane?) The accurate definition of a hurricane is a “tropical cyclone with sustained winds that have reached speeds of 74 mph or higher” the storms are labeled as hurricanes when they gain their strength over days and weeks time. (Hurricane: What is a Hurricane?) Storms developing over the Atlantic Ocean or eastern Pacific Ocean are coined...
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...John Wiley & Sons, Inc. David L. Kurtz University of Arkansas Louis E. Boone University of South Alabama BUSINESS 14TH EDITION Contemporary . . . at the speed of business “The 14th edition of Contemporary Business is dedicated to Joseph S. Heider, who brought me to John Wiley & Sons. Thank you, Joe.” —Dave Vice President & Executive Publisher Acquisitions Editor Assistant Editor Production Manager Senior Production Editor Marketing Manager Creative Director Senior Designer Text Designer Cover Designer Production Management Services Senior Illustration Editor Photo Editor Photo Researcher Senior Editorial Assistant Executive Media Editor Media Editor George Hoffman Franny Kelly Maria Guarascio Dorothy Sinclair Valerie A. Vargas Karolina Zarychta Harry Nolan Madelyn Lesure 4 Design Group Wendy Lai Elm Street Publishing Services Anna Melhorn Hilary Newman Teri Stratford Emily McGee Allison Morris Elena Santa Maria This book was set in Janson TextLTStd-Roman 10/13 by MPS Limited, a Macmillan Company, Chennai, India and printed and bound by R. R. Donnelley & Sons. The cover was printed by R. R. Donnelley & Sons. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live...
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...Managing Human Resources, 14e, Bohlander/Snell - © 2007 Thomson South-Western © STONE/GETTY IMAGES chapter 15 International Human Resources Management After studying this chapter, you should be able to objective Identify the types of organizational forms used for competing internationally. objective 1 2 3 4 5 6 7 8 Identify the unique training needs for international assignees and their employees. objective Explain the economic, politicallegal, and cultural factors in different countries that HR managers need to consider. objective Identify the characteristics of a good international compensation plan. objective Explain how domestic and international HRM differ. objective Reconcile the difficulties of home- and host-country performance appraisals. objective Discuss the staffing process for individuals working internationally. objective Explain how labor relations differ around the world. PART 6 Expanding Human Resources Management Horizons 639 Managing Human Resources, 14e, Bohlander/Snell - © 2007 Thomson South-Western 640 PART 6 Expanding Human Resources Management Horizons W hen you pick up a newspaper or turn on the TV, you’ll notice that stories are constantly being told about companies competing globally. These stories might include mergers of U.S. and international companies, such as Daimler-Benz and Chrysler a few years ago. Or they might highlight companies expanding into other...
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...Leading Edge Review Immunity, Inflammation, and Cancer Sergei I. Grivennikov,1 Florian R. Greten,2 and Michael Karin1,* 1Laboratory of Gene Regulation and Signal Transduction, Departments of Pharmacology and Pathology, School of Medicine, University of California, San Diego, 9500 Gilman Drive, La Jolla, CA, 92093, USA 22nd Department of Medicine, Klinikum rechts der Isar, Technical University Munich, 81675 Munich, Germany *Correspondence: karinoffice@ucsd.edu DOI 10.1016/j.cell.2010.01.025 Inflammatory responses play decisive roles at different stages of tumor development, including initiation, promotion, malignant conversion, invasion, and metastasis. Inflammation also affects immune surveillance and responses to therapy. Immune cells that infiltrate tumors engage in an extensive and dynamic crosstalk with cancer cells, and some of the molecular events that mediate this dialog have been revealed. This review outlines the principal mechanisms that govern the effects of inflammation and immunity on tumor development and discusses attractive new targets for cancer therapy and prevention. Introduction The presence of leukocytes within tumors, observed in the 19th century by Rudolf Virchow, provided the first indication of a possible link between inflammation and cancer. Yet, it is only during the last decade that clear evidence has been obtained that inflammation plays a critical role in tumorigenesis, and some of the underlying molecular mechanisms have been elucidated (Box 1)...
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...accounting fraud and auditor legal liability c a S eS inc lu de d in t hiS Se ction 4 89 99 4.1 Enron Corporation and Andersen, LLP Analyzing the Fall of Two Giants . . . . . . . . . . . 4.2 Comptronix Corporation 4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . Identifying Inherent Risk and Control Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . 111 119 127 137 Assessing the Control Environment and Evaluating Risk of Financial Statement Fraud . . . . . . . . . . . . . . . . . . . . . . 4.4 Waste Management, Inc. 4.5 Xerox Corporation 4.6 Phar-Mor, Inc. Manipulating Accounting Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . Evaluating Risk of Financial Statement Fraud . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounting Fraud, Litigation, and Auditor Liability instructor resource Manual — do not coPy or redistribute instructor resource Manual — do not coPy or redistribute enron corporation and andersen, llP analyzing the fall of two giants inS tr uc t ional o b je c t ive S [1] c a s e 4.1 Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt [2] [3] To help students understand what happened at Enron Corporation and how Andersen’s involvement with Enron led to the accounting firm’s downfall. To enhance students’ appreciation of the importance of understanding an audit client’s core business strategies. To develop students’...
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...Organizational Theory, Design, and Change Jones 6th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://solutionsmanualtestbanks.blogspot.com/2011/10/organizational-theory-d esign-and-change_18.html ----------------------------------------------------------------------Organizational Organizational Organizational Organizational Theory, Theory, Theory, Theory, Design, Design, Design, Design, and and and and Change Change Change Change Jones Jones Jones Jones 6th 6th 6th 6th Edition Edition Edition Edition Test Test Test Test Bank Bank Bank Bank -------------------------------------------------------------------------***THIS IS NOT THE ACTUAL BOOK. YOU ARE BUYING the Test Bank in e-version of the following book*** Name: Organizational Theory, Design, and Change Author: Jones Edition: 6th ISBN-10: 0136087310 Type: Test Bank - The test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your...
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...This page intentionally left blank An Introduction to Islamic Law The study of Islamic law can be a forbidding prospect for those entering the field for the first time. Wael Hallaq, a leading scholar and practitioner of Islamic law, guides students through the intricacies of the subject in this absorbing introduction. The first half of the book is devoted to a discussion of Islamic law in its pre-modern natural habitat. The author expounds on the roles of jurists, who reasoned about the law, and of judges and others who administered justice; on how different legal schools came to be established, and on how a moral law functioned in early Muslim society generally. The second part explains how the law was transformed and ultimately dismantled during the colonial period. As the author demonstrates, this rupture necessitated its reinvention in the twentiethcentury world of nation-states. In the final chapters, the author charts recent developments and the struggles of the Islamists to negotiate changes which have seen the law emerge as a primarily textual entity focused on fixed punishments and ritual requirements. The book, which includes a chronology, a glossary of key terms and lists for further reading, will be the first stop for those who wish to understand the fundamentals of Islamic law, its practices and its history. w a e l b . h a l l a q is James McGill Professor in Islamic Law in the Institute of Islamic Studies at McGill University. He is a worldrenowned...
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...C H A P T E R 8 VALUATION OF I NVE NTOR I E S : A COST-BASIS APPROAC H LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 •5 •6 •7 •8 •9 •10 Identify major classifications of inventory. Distinguish between perpetual and periodic inventory systems. Identify the effects of inventory errors on the financial statements. Understand the items to include as inventory cost. Describe and compare the cost flow assumptions used to account for inventories. Explain the significance and use of a LIFO reserve. Understand the effect of LIFO liquidations. Explain the dollar-value LIFO method. Identify the major advantages and disadvantages of LIFO. Understand why companies select given inventory methods. Inventories in the Crystal Ball A substantial increase in inventory may be a leading indicator of an upcoming decline in profit margins. Take the auto industry as an example. Detroit’s inventories have been growing for several years because the domestic manufacturers like to run the factories at full capacity, even if they are not selling cars as fast as they can make them. The current arrangement is particularly tough for General Motors. It overproduces and then tries to push the sales with incentives and month-long “blow-out” sales. GM is hoping that the ever-growing market will cover the problem until customer demand grows to the point where the cars are purchased without so many incentives. But recently, all that was growing was GM inventories...
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...MAKING ENTERPRISE RISK MANAGEMENT PAY OFF Thomas L. Barton William G. Shenkir Paul L. Walker Prentice Hall PTR One Lake Street Upper Saddle River, NJ 07458 www.phptr.com Editorial/Production Supervision: KATHLEEN M. CAREN Executive Editor: JIM BOYD Marketing Manager: BRYAN GAMBREL Manufacturing Manager: MAURA ZALDIVAR Cover Design: TALAR BOORUJY ©2002 Financial Executives Research Foundation, Inc. Published by Financial Times/Prentice Hall PTR Pearson Education, Inc. Upper Saddle River, NJ 07458 Prentice Hall books are widely used by corporations and government agencies for training, marketing, and resale. The publisher offers discounts on this book when ordered in bulk quantities. For more information, contact: Corporate Sales Department, Phone: 800-382-3419; Fax: 201-236-7141; E-mail: corpsales@prenhall.com; or write: Prentice Hall PTR, Corp. Sales Dept., One Lake Street, Upper Saddle River, NJ 07458. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ISBN 0-13-008754-8 Pearson Education LTD. Pearson Education Australia PTY, Limited Pearson Education Singapore, Pte. Ltd. Pearson Education North Asia Ltd. Pearson Education Canada, Ltd. Pearson Educación de Mexico, S.A. de C.V. Pearson Education—Japan Pearson Education Malaysia, Pte. Ltd. Pearson Education, Upper Saddle River, New Jersey A D V I S O R Y C O...
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...THE ART OF PERFORMANCE A CRITICAL ANTHOLOGY edited by GREGORY BATTCOCK AND ROBERT NICKAS /ubu editions 2010 The Art of Performance A Critical Anthology 1984 Edited By: Gregory Battcock and Robert Nickas /ubueditions ubu.com/ubu This UbuWeb Edition edited by Lucia della Paolera 2010 2 The original edition was published by E.P. DUTTON, INC. NEW YORK For G. B. Copyright @ 1984 by the Estate of Gregory Battcock and Robert Nickas All rights reserved. Printed in the U.S.A. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system now known or to be invented, without permission in writing from the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclusion in a magazine, newspaper or broadcast. Published in the United States by E. P. Dutton, Inc., 2 Park Avenue, New York, N.Y. 10016 Library of Congress Catalog Card Number: 79-53323 ISBN: 0-525-48039-0 Published simultaneously in Canada by Fitzhenry & Whiteside Limited, Toronto 10 9 8 7 6 5 4 3 2 1 First Edition Vito Acconci: "Notebook: On Activity and Performance." Reprinted from Art and Artists 6, no. 2 (May l97l), pp. 68-69, by permission of Art and Artists and the author. Russell Baker: "Observer: Seated One Day At the Cello." Reprinted from The New York Times, May 14, 1967, p. lOE, by permission of The New York Times...
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