Case 1 9 Zzzz Best Company

  • Premium Essay

    Zzzz Best Company

    ZZZZ Best company Inc. Summary “ZZZZ Best company” was founded by 16-year old Barry Minkow. The core activity of company was carpet cleaning. As he began doing business, Minkow soon realized that carpet cleaning was a difficult way to earn money because customers always complained and vendors demanded payments. Soon Minkow started seeking for financing but realized that bank were not willing to lend him money due to his age and low profitability of his business. That’s why he came up with the

    Words: 1399 - Pages: 6

  • Premium Essay

    Lakeside Company: Case 1

    Lakeside Auditing Case Study Case 1 Prepared by: January 27, 2011 1: An independent annual audit can provide credibility to information, and this could be very helpful for decision making. In this specific case, the owner of the Lakeside requires an independent CPA firm to perform an annual audit because the owner wants to show the public a “good-look” of its financial statements; since he would like to receive more capital by making his company public. In addition, good-looking financial

    Words: 1450 - Pages: 6

  • Free Essay

    Case Study 1: Harriet’s Fruit and Chocolate Company

      1. Determine the investigation you will do with regard to the physical infrastructure of the orchards, orchard shacks, and the cold storage building. After doing some detailed investigations of the physical infrastructure of the orchards, orchard shacks, and the cold storage building revealed some ideas that we can implement in the network design. The investigation also showed that wireless technology would be the best solution between the three areas. With that being said the orchard area would

    Words: 582 - Pages: 3

  • Premium Essay

    Zzzz Best Company

    Practice set for Chapters 15 and 16 1) The single-rate cost-allocation method may base the denominator choice on: A) master-budget capacity utilization B) normal capacity utilization C) practical capacity D) All of these answers are correct. 2) Benefits of the single-rate method include: A) the low cost of implementation B) fixed costs that are transformed into variable costs for user decision making C) signals regarding how variable and fixed costs behave differently

    Words: 1260 - Pages: 6

  • Free Essay

    Best Car Company

    developed by a R&D department for years before the first vehicle rolls out of the production plant. Louis went on to tell me that a lot of research goes into the making of General Motors products so that any issues with the vehicle are worked out by the company, rather than the vehicle be produced and issues being found by the customer. Chevrolet has not only built quality, they made it part of the American tapestry with cars like the Chevy Camaro, which made its showing in 1967 and has been followed

    Words: 788 - Pages: 4

  • Premium Essay

    Best Case Study Analysis

    Case Study Analysis Best Buy Co., Inc: Sustainable Customer Centricity Model November 13, 2012   Best Buy is the largest national electronics chain and the only one that remains since the closing of Circuit City in 2009 and Comp USA before that. Founded in St Paul, Minnesota in 1966 as the Sound of Music Store, it was rebranded as Best Buy in 1983 with a single flagship store in Burnsville, Minnesota. By 1993, Best Buy had become the United States second-largest consumer

    Words: 1930 - Pages: 8

  • Free Essay

    Zzzz Best Fraud

    Barry Minkow founded ZZZZ Best (pronounced Zee Best) while 15 years old and a sophomore in high school. The business started in his parent’s garage with three employees and four telephones. Minkow struggled to meet basic expenses in the beginning. In January 1986, ZZZZ Best went public and began to sell shares on NASDAQ. However, the company began to rapidly decline. In July 1987, Minkow resigned and the company sued him for fraud allegations. This landed Minkow in federal prison, with a sentence

    Words: 626 - Pages: 3

  • Premium Essay

    Zzz Best Company

    ZZZ Best Company Inc. ZZZ Best Company, Inc. is good example for being explored by accounting students regarding audit field. In this case, ZZZ Best Company, Inc., which is established by Barry Minkow, became a tool for its owner i. E. Barry Minkow to get money by lying to thrid parties via fictitious insurance restoration project. Difficulties in developing carpet cleaning industry made Barry Minkow think to get money in wrong way. Collaborate with Tom Padgett and also extensive social

    Words: 593 - Pages: 3

  • Premium Essay

    Case 19-1: Bennett Body Company

    Case 19-1: Bennett Body Company Note: This case is unchanged from the Eleventh Edition. Approach This case contrasts a standard cost system with an actual job cost system, and thereby brings out several points about cost accounting, including: the purposes for which cost accounting data are used; the paperwork involved in cost accounting; the use of costs for pricing; the problem of controlling costs under the two types of systems; and the problem of the normal overhead rate. Students may have

    Words: 1142 - Pages: 5

  • Free Essay

    Case Study Zzzz

    CASE 1.9 ZZZZ Best Company, \nc. On May 19,1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project was just the most recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced "zee best"). Located in the San Fernando Valley of southern California, ZZZZ Best had begun operations in the fall of 1982 as a small, door-ta-door carpet cleaning

    Words: 3832 - Pages: 16

  • Free Essay

    Zzzz Best

    Phần 1 Ngày 19 tháng 5 năm 1987, một bài viết ngắn trong The Wall Street báo cáo rằng ZZZZ Company, Inc ..Reseda, California, đã ký một hợp đồng trị giá 13,8 triệu USD bảo hiểm cho dự án phục hồi. dự án này chỉ là gần đây nhất của một loạt các công việc phục hồi lớn có được của ZZZZ Best (phát âm là "Zee Best"). Nằm ở San Fernando Valley của miền nam California, ZZZZ Best đã bắt đầu hoạt động vào mùa thu năm 1982 giống như 1 doanh nghiệp nhỏ, với hoạt động là làm sạch thảm tại từng nhà. Dưới sự

    Words: 2900 - Pages: 12

  • Premium Essay

    Zzzz Case 1.9

    ZZZZ Best Company, Inc Case Solutions:   1.  A review is performed to obtain a reasonable basis for providing limited assurance that the client's financial statements have been prepared in conformity with generally accepted accounting principles. An independent audit is designed to provide a reasonable basis for expressing an opinion concerning whether or not a client’s financial statements have been prepared in accordance with generally accepted accounting principles.  There is also a major

    Words: 303 - Pages: 2

  • Free Essay

    Best Companies to Work for

    The three companies I chose to research for this assignment was Google, Zappos.com, and DreamWorks Animation SKG. Each one of these companies stood out to me for multiple reasons, but my deciding factor was how much they focus on their employees needs and satisfaction. Google who is ranked 4 on the list of the best 100 companies to work for. Google is famous for the long list of perks their employees get to enjoy, such as free food in cafeterias, a climbing wall, and free laundry. Google is

    Words: 314 - Pages: 2

  • Free Essay

    Zzzz Best Company

    Soal 1 : Ernst & Whinney tidak pernah mengeluarkan opini audit atas laporan keuangan Best ZZZZ tetapi mengeluarkan laporan review terhadap laporan kuartalan perusahaan untuk tiga bulan yang berakhir 31 Juli 1986. Bagaimana tinjauan berbeda dari audit, terutama dalam hal tingkat jaminan tersirat oleh laporan auditor? Jawab : Riview dilakukan untuk mendapatkan dasar memadai untuk memberikan jaminan terbatas yang laporan keuangan klien telah disusun sesuai dengan prinsip akuntansi yang berlaku umum

    Words: 838 - Pages: 4

  • Premium Essay

    Analysis for Best Buy Company

      1.0 Executive Summary 1 1.1 Section I. 2 1.2 A) Company History 2 1.3 Strategies and Tactics used by Best Buy 3 1.4 B) Mission Statement (implied).……….……………………...……………………………………...4 1.5 Analysis of the Mission 4 1.6 C) Objectives 5 1.7 Analysis of the Objectives 5 2.0 Section II …………………...……………………..…………………………………….……………6 2.1 Financial Analysis...………………………………………………………………….…..…………...6 2.2 A) Ratio Analysis………..…………………………………………………………………………...6 2.3 B) Evaluation of the Income and Balance

    Words: 9866 - Pages: 40

  • Premium Essay

    Zzzz Best

    Imagine being the CEO of a company worth over $200 million and you are only 20 years old. Your personal net worth is more than $100 million. You own a signature red Ferrari and Oprah is begging you to be on her show. It's the stuff of fairy tales, but for one man, it was the beginning of an odyssey that would lead to prison. Meet Barry Minkow who in 1982, when he was only16, founded ZZZZ Best Carpet Cleaning. Over the next several years, he franchised the chain and took it public. "In the three-year

    Words: 1322 - Pages: 6

  • Premium Essay

    Best Buy Case Study

    CASE STUDY: Best Buy adapts customer-centric model for increased profitability and enhanced customer service. Introduction The goal of Best Buy is to make life fun and easy for its consumers. In order to achieve this, they started applying the customer-centric model in some of its stores around the US. They gathered information about their customer and their buying habits, developed a database making them better understand existing customers; identify new consumer segments, etc. The application

    Words: 898 - Pages: 4

  • Premium Essay

    Best Buy Company Analysis

    3/28/2013 Nasir Khan Best Buy Company Analysis | Best Buy Co., Inc. is a multinational retailer, which provides consumer electronics, home office products, entertainment products, appliances and related services. The company operates through two business segments: Domestic and International. The Domestic segment is comprised of the operations in all states, districts and territories of the U.S., operating under various brand names, including but not limited to, Best Buy, Best Buy Mobile, Geek Squad

    Words: 2938 - Pages: 12

  • Free Essay

    Zzz Best Company

    Fraud of ZZZ Best Company The ZZZ Best was the carpet cleaning company that was started by 15 year old Barry Minkow in 1982. He was inspired to enter into this industry by his mother when he was 12 years old. His mother was working as a telephone solicitor for a small carpet cleaning firm. Though most of the companies in carpet cleaning industry were legitimate, the nature of this business attracts many seedy characters of the malpractice. There are no barriers for any entry even no license was

    Words: 2246 - Pages: 9

  • Free Essay

    Zzzz Best

    Case 4-6 ZZZZ Best* The story of ZZZZ Best is one of greed and audaciousness. It is the story of a 15-year old boy from Reseda, California who was driven to be successful regardless of the costs. His name is Barry Minkow. Minkow had high hopes to make it big – to be a millionaire very early in life. He started a carpet cleaning business in the garage of his home. Minkow realized early on that he was not going to become a millionaire cleaning other people’s carpets. He had bigger plans

    Words: 3056 - Pages: 13

  • Premium Essay

    Zzzz Best Company

    Transcript of ZZZZ Best Company, Inc ZZZZ Best Company, Inc Case 1.9 Audit Review VS Full Audit Review • The accountant is not aware of any misstatements or material modifications that need to be made • Limited assurance • Auditor has no opinion on the financial statements, just looks them over Barry Minkow- 16 years old 1982 Carpet cleaning business turned insurance restoration Tom Padgett and Interstate Appraisal Services Ernst & Whinney- elaborate scheme to convince them History 1. Client

    Words: 496 - Pages: 2

  • Premium Essay

    Zzzz Best

    1. An audit provides high level of assurance on the fairness on presentation of the financial statement while a review provides limited assurance on the financial statements of a company. 2. The limitations of the evidences provided by the procedures with regard to management assertion of occurrence will be that the auditors relied heavily on documentation that was provided by the management of ZZZZ best company, they should verified from 3rd parties the claims made by ZZZZ best in their financial

    Words: 313 - Pages: 2

  • Free Essay

    Case 1: Capital Mortgage Insurance Company

    Case 1: Capital Mortgage Insurance Company Overview This case is set in the late 1970’s and describes an acquisition attempt by Capital Mortgage Insurance of Corporate Transfer Services. CMI is a company that sells mortgage insurance to mortgage lenders and banks but executives at CMI want to grow into the real estate relocation industry. Corporate Transfer Services assists employees who have been transferred to a new city as they try to find a new home. Capital Mortgage Insurance Corporations

    Words: 1168 - Pages: 5

  • Premium Essay

    Case 6-1 Browning Manufacturing Company

    Case 6-1 The Browning Manufacturing Company’s management team uses a projected budget in order to compare actual financial results to expected financial results. According to the management team, each department is dependent upon each other to provide estimates of future revenues and expenses. The departments consist of finance, sales, manufacturing and purchasing. The estimates are used to devise a projected profitable plan for the upcoming year. After each department supplied their estimates

    Words: 795 - Pages: 4

  • Premium Essay

    Zzzz Best

    million to ZZZZ Best Co. I agree with court’s decision because Ernst & Whinney never issued an audit opinion on financial statements it was just a review report which was disclosed. However, I do not justify Ernst & Whinney because the auditors besides from failure to notice ‘red flags’ had done few mistakes which lead to the law suit. The first mistake that the auditors made involved Mr. George Greenspan during the 1986 audit. This was the first audit since ZZZZ Best became a public company and the

    Words: 980 - Pages: 4

  • Free Essay

    Zzzz Best

    optimal level of widget production to maximize our profit will be to produce 1,763 widgets. We acquired this number by using the information we already have and creating a demand function. The steps we took to create a demand function are the following 1. Using the number of widgets demand and their prices at two intervals and finding the slope.2. Once the slope is found from these two intervals we chose one interval and plug it into the point slope form, giving us our demand function. This allows us

    Words: 416 - Pages: 2

  • Premium Essay

    Motorola Company Case 1-4 Summary

    products. Motorola has achieved over$ 5.5 billion in sales, employed over 99,000 people and spent $411 million in research and development. By the 1960s, it sold semiconductors products, communications equipment, and components to consumers, industrial companies, and the military throughout the world. To exploit fully the growing demand for semicustom integrated circuits, Motorola organized the Application Specific Integrated Circuits (ASIC) Division as part of the Semiconductor Products in 1984. The controller

    Words: 651 - Pages: 3

  • Free Essay

    Zzzz Best Company

    CASE 1.9 ZZZZ Best Company, \nc. On May 19,1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project was just the most recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced "zee best"). Located in the San Fernando Valley of southern California, ZZZZ Best had begun operations in the fall of 1982 as a small, door-ta-door carpet cleaning

    Words: 3832 - Pages: 16

  • Free Essay

    Best Company to Work

    REI – Working Together for a Better World Best Company for 25 Years REI is a cooperative – and a spirit of cooperation is infused in everything that they do. Leaders and employees cooperate with each other to insure that work is done well, people have a good time, and the labor conditions for employees at REI and at suppliers meet high standards. Employees cooperate with customers to listen to what they want and provide them with great products and great service. Everyone at REI cooperates with

    Words: 3859 - Pages: 16

  • Premium Essay

    Zzzz Best Company Case

    ZZZZ Best Company, Inc. Shiqi Hu, Lin Ding, Trang Mai, Yi Wang ACCT3309 Audit, O’Hara 11/03/2014 Background Barry Minkow, who is a young entrepreneur with history of credit card fraud as a teenager, was convicted on 57 counts of securities fraud. He started ZZZZ Best Company in carpet cleaning business in 1982 when he was only 16 years old. ZZZZ Best Company was turned into insurance restoration business that Minkow recognized the benefits with his own “innovative” way to finance his business

    Words: 1473 - Pages: 6

  • Premium Essay

    Zzzz Best Case 1.9

    1. Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of assurance implied by the auditor’s report? A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered

    Words: 587 - Pages: 3

  • Premium Essay

    Chapter 9 Mini Case

    Chapter 9 Mini Case During the last few years, Harry Davis Industries has been too constrained by the high cost of capital to make many capital investments. Recently, though, capital costs have been declining, and the company has decided to look seriously at a major expansion program proposed by the marketing department. Assume that you are an assistant to Leigh Jones, the financial vice president. Your first task is to estimate Harry Davis’s cost of capital. Jones has provided you with the following

    Words: 2117 - Pages: 9

  • Free Essay

    Zzzz Best

    other systems • With specialization in Accounts / Finance I can foresee my career advancement. EMPLOYMENT / PROFESSIONAL EXPERIENCE: May, 2014 – June, 2014 Accounts Trainee Al Rais Enterprises- Dubai- UAE The company Al Rais Enterprises is a large scale company having four divisions of operations- Electro mechanical Projects division, General Trading Division, Restaurant outlets division and Paints trading Division. My Role and Responsibilities: • Did

    Words: 532 - Pages: 3

  • Premium Essay

    Assn. 1: Bottling Company Case Study

    Miranda D. Wade Assn. 1: Bottling Company Case Study Strayer University Professor Anthony Myers MAT 300-Statistics 06/15/2014 Imagine you are a manager at a major bottling company. Customers have begun to complain that the bottles of the brand of soda produced in your company contain less than the advertised sixteen

    Words: 887 - Pages: 4

  • Premium Essay

    Case 9-2

    Trueblood Case 9-2: Pharmagen 1.State the issue at hand. (Typically this is merely the question you are asked at the end of the case.) How to account for the funding of the R&D and royalty payments 2.State the fact pattern. BRIEFLY present the relevant facts. (Bullet points can be very useful here.) (This can be a challenge, given that some Trueblood cases are only a few paragraphs long, it can be hard to further summarize them.) •Pharmagen entered into a funding agreement with Company XYZ, an unrelated

    Words: 971 - Pages: 4

  • Premium Essay

    Ba Best Buy Case

    Tatiana Ionita Best Buy Case Analysis BA 3101/ Professor Monos 2/24/15 Best Buy faces three eminent problems: revenue decline, net profit loss, and poor cash flows. Revenue fell 2.4% in 2011, losing $1.23 billion in 2011. Net profit shrank in the fiscal year 2012 to 1.23 million from a net profit of 1.27 million in 2011, or loss of $3.36 per share. Best Buy’s cash flow decreased from $2.2 million in 2010, to $1.9 million in 2011. This report will conduct a situational analysis for causes of

    Words: 947 - Pages: 4

  • Premium Essay

    Zzzz Best

    1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized

    Words: 4499 - Pages: 18

  • Premium Essay

    Case 9

    Course Code HURM402 TITLE OF Case Study APPRAISING PERFORMANCE AT PRECISION In submitting this work, I am confirming that it is all my own work, or the work of my group. I have correctly acknowledged the work of others by using references. Once my work is submitted to Turnitin, it becomes part of the database that subsequent works are checked against. Full Name of Student: Submission Date: Nov 27th, 2015 Assessment: CASE-2 Semester: Fall Academic

    Words: 1112 - Pages: 5

  • Premium Essay

    Best Buy Case Study

    assignment # 10- best buy case study Read the Best Buy case study on pages 491-492 and answer the following questions: 1. Why do you think so many of Best Buy executives opted for Choice 1or 2? What would you do to encourage more employees to adopt Choices 3 or 4? I believe majority of eligible employees opted for Choice 1 or 2, because the economic added value for Choice 3 or 4 was not explained very well. Usually people have difficulty to get comfortable with a metric if

    Words: 445 - Pages: 2

  • Free Essay

    Case 1.9 Zzzz Best Company

    Case 1.9 ZZZZ Best Company, Inc. 1. A review is similar to an audit but is less in scope and only provides limited assurance in regards to the presentation of the financial statement. This differs with an audit that gives reasonable assurance that no material errors or illegal acts are detected. The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole. A review does not provide a basis for the expression of such

    Words: 1010 - Pages: 5

  • Premium Essay

    Zzzz Best

    obligation to disclose the reason for the withdrawal. Due care requires that an auditor discharges professional responsibilities with competence and diligence. It imposes the obligation to perform professional services to the best of the auditor’s ability with concern for the best interest of the public. The sole proprietor-auditor and Ernst & Whinney did not gather enough evidence on the restoration contracts, nor viewed the evidence gathered with skepticism. Between 1985 and 1986 there is a

    Words: 919 - Pages: 4

  • Free Essay

    Case 19-1 Bennet Body Company

    Case 19-1 Bennett Body Company 1. In response to the email of Paul Bennett: The Bennett system has a higher cost of paperwork because we are using the Job Order Costing and the Conley System uses process costing. Conley Corporation uses Process costing in accumulating cost of production. We are costing products based on per job order bases. Conley is costing their production on a per department basis because it has standard model design. Our products are based on costumer's specification

    Words: 706 - Pages: 3

  • Premium Essay

    Zzzz Best

    correspond with generally accepted accounting principles. When giving the information of the financial statements, ZZZZ client makes several claims about their financial conditions and results of restoration business operations. External users that trust the financial statements to make business decisions to observe the auditor’s report a warning of the statements’ trustworthiness. ZZZZ best company value the auditor’s assurance because of the auditor’s independent firm from the client. The knowledge of

    Words: 889 - Pages: 4

  • Premium Essay

    Case 1 Company

    JetBlue: Delighting Customers through Happy Jetting In 2007, JetBlue was a thriving young airline with a strong reputation for outstanding service. In fact, the low-fare airline referred to itself as a customer service company that just happened to fly planes. But in Valentine's Day 2007, JetBlue was hit by the perfect storm-literally-of events that led to an operational meltdown. One of the most severe storms of the decade covered JetBlue's main hub at New York's John F. Kennedy International Airport

    Words: 1863 - Pages: 8

  • Premium Essay

    Zzzz Best Case 1.9

    Auditing Concepts ZZZZ Best Company, Inc Case Solutions: 1. A review is performed to obtain a reasonable basis for providing limited assurance that the client's financial statements have been prepared in conformity with generally accepted accounting principles. An independent audit is designed to provide a reasonable basis for expressing an opinion concerning whether or not a client’s financial statements have been prepared in accordance with generally accepted accounting principles.

    Words: 1265 - Pages: 6

  • Free Essay

    Why Pepsico Is the Best Company to Work

    Submission 1. Evaluate the fundamental driving forces that shape the organizational environment of the selected company. Be sure to address the following: competing in a global marketplace, workforce diversity, ethics and morality, and technological innovation. PepsiCo has been one of the leading beverage company around the globe. The company has been ranked as one of the best companies about the work environment for one to work. The PepsiCo company has positioned itself well to

    Words: 1359 - Pages: 6

  • Premium Essay

    Zzz Best Case

    1. The major difference between review and audit are the following: The review does not contemplate obtaining an understanding of internal control structure. The review does not assess control risk, tests of accounting records and responses to inquiries by obtaining corroborating evidence through inspection, observation or any other audit procedure. It can point out significant matters of the financial statements but does not provide assurance of their accuracy.  A review service provides a moderate

    Words: 1512 - Pages: 7

  • Premium Essay

    Zzzz Best

    Zzzz Best Company, Inc. Case 1.9 Zzzz Best Company, Inc. Case 1.9 Case 1.9 ZZZZ Best Company, Inc. Delta. Describe the elements of the Fraud Triangle that apply to this case. Assume you are the perpetrator. Is there a better way to perpetrate this fraud? If there is, describe your method. Specify practical recommendations for the client to prevent this fraud from occurring in the future. The first element of the Fraud Triangle in the case of ZZZZ Best, case 1.9 is Incentives/Pressure

    Words: 369 - Pages: 2

  • Premium Essay

    Case 9-1

    New York Times case 9-1 The New York Times brand was believed to be the Company´s best asset. • Nisenholtz reported directly to both the general manager and the editor of the newspaper rather than to a senior executive at the corporate level. • But being part of the established organisation also created limitations. • The NYTimes.com team repurposed newspaper content for the internet by altering headlines, adding hyperlinks, resizing photos, and changing captions. • Continually

    Words: 262 - Pages: 2

  • Premium Essay

    Zzzz Best 5-6

    limit the scope of the ZZZZ Best audit? Why or why not. (5 points) The scope of an audit states that the audit is designed to obtain reasonable assurance of no material misstatements. It also requires that auditors discuss the audit evidence acquired and whether they believe the amount of evidence to be appropriate to express an opinion. As discussed earlier, E&W was required to sign a confidentiality agreement precluding them from contacting third parties with regards to ZZZZ Best’s restoration

    Words: 610 - Pages: 3

+
-