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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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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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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King Kong (1933) V.S King Kong (2005) King Kong is one of the most recognizable motion-picture of all time. Written and produced by Merian C. Cooper‚ "King Kong‚ a story worth making two movies about the suspense/thriller‚ was state of the art when it first came out in 1933‚ and was brought back to life through current state of the art technology in 2005" (Layton‚ 2003). The stop-motion animation in the 1933 film and the new and improved computer animation in the 2005 version about this gigantic
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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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Background The Leslie Fay Companies was a women’s apparel manufacturer established by Fred Pomerantz‚ a former Women’s Army Corps uniform maker during World War II. Despite the “volatile and intensely competitive” (Knapp 34) nature of the industry‚ Leslie Fay grew to have the second largest annual sales compared to any of the other publicly owned women’s apparel manufacturers‚ only behind Liz Claiborne. Fred Pomerantz hired Paul Polishan for a position in the accounting department where Polishan
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Though I squirmed more than I care to admit because CRAWLY THINGS... a part of me has to admit that I did kinda‚ sorta like the devil-could-care bombast of Kong: Skull Island. In some ways‚ it’s a classic old cinematic monster movie‚ all gussied up for a 2017 audience. In other ways‚ this thing is just bonkers - a bizarre‚ strange-tasting goulash of 1970’s war cinema with obtuse and empty rhetoric‚ campy acting‚ odd moments of humor‚ rather jarring violence‚ and actors sputtering off in all different
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