The Leslie Fay Companies Knapp Case 1. The financial statement items that I believe should have been particular interest to BDO Seidman are the inventory primarily and then the sales. BDO Seidman should have noticed that according the ratios‚ the sales were at a steady rate until the year 1991. The inventory of the company was also having issues with sales due to Leslie Fay not keeping up with the latest fashions and because of a slight recession. According to the ratios and common size statement
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letters from Aunt Fay to her niece Alice who is currently studying English Literature at college. Alice has been told to read Jane Austen but thinks that Austen is “boring‚ petty and irrelevant” (Letters to Alice‚ Page 7). Aunt Fay attempts to convince Alice to read Jane Austen by talking about the life and work of Jane Austen‚ and tries to explain Literature to Alice. She encourages Alice to put off writing her own novel until she is more familiar with proper Literature. Aunt Fay then creates the
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Bobbi The Weekend Guest It was late December. Snowflakes were gently falling to the ground as I waited for Lady Macbeth’s plane to arrive in Kelowna. The fresh blanket of snow that covered the runway glistened in the light. I was so excited but also very nervous that my boss picked me to entertain Lady Macbeth for the entire weekend. Lady Macbeth was first to get off the plane and I greeted her with a smile and a friendly hug. “How was the flight?” I questioned. “It was crammed‚ there
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1. In the period of 1972 to 1993‚ why do you think that Snapple flourished when so many small startup premium fruit drinks stayed small or disappeared? Explore each of the Four Ps. *Major successful market was serving RTD teas (ready to drink teas)* 1972-1986: - 3 founders: Leonard Marsh and Hyman Golden and Arnold Greenberg - Snapple’s mantra: 100% Natural ( showed their passion for healthy no preservative juices - It outsourced production and product development and built
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WW2 weapons from the ETO / Warfare History The best American Infantry weapon had to be the M1 Garand. Even General Patton credited the American semi-automatic rifle as one reason we won the war. While other nations were equipped primarily with WWI vintage bolt action rifles that held no more than 5-6 rounds‚ the Garand held 10 rounds and was semi automatic. This increased the fire power of a 12 man squad dramatically over that of a similar squad armed with only bolt action rifles. The Germans
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Leslie Fay Companies Paul Polishan apparently dominated Leslie Fay ’s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company ’s independent auditors? How should auditors take such circumstances into consideration when planning an audit? My question for the Leslie Fay Companies case focuses on the actions of Paul Polishan and the effect his self-established tyranny over the financial information
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It was the saturday morning‚ summer was setting in and we couldn’t stay in bed for too long. Woke up early and decided to drive away. No destination in mind‚ no plans made. We packed our bags and sat in the car. We had to make a decision now.....atleast which road to take. We had the choice of heading in multiple directions considering Bangalore is based centrally. But yes‚ we chose the Kanakapura Road. We called in a few friends to see if they were interested to join in‚ but the lazy buggers
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The Leslie Fay Companies‚ which is a manufacturer of women’s apparel‚ was founded by Fred Pomerantz. The company is based out of New York‚ and Fred Pomerantz made the company public in 1952. However‚ Fred Pomerantz ended up taking the company back to a private entity for a few years in the 1980’s due to a buy out from his son John Pomerantz. The Leslie Fay Companies became public again in 1986. After John Pomerantz had taken over the company‚ profits started skyrocketing even though the
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2004). The financial ratios are then compared with the entity ’s ratios for prior periods as well as with ratios for other businesses in the same industry. A comparison with the industry ratios would have warned BDO of some irregularities in Leslie Fay ’s financial statements. BDO Seidman should have been interested some important ratios that would help in determining the accuracy of the financial statements that had been prepared by Polishan and his staff. The important ratios include the liquidity
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Leslie Fay Case 1. After reviewing the common size financial statements and the key ratios of Leslie Fay‚ there some of the financial statement item that should have been of particular interest to BDO Seidman: 1).Sales: the sales has been growing steadily except the slight drop in 1991‚ which is contrary to the industry recession. 2). Inventory: Leslie Fay has been known for not catching up the fashion‚ there should be inventory write-off issue in the apparel industry‚ which haven’t been reflected
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