Friday, December 27, 2019
ZHENG v. LIBERTY APPAREL COMPANY INC 88 91 998 103 Ling Nan ZHENG, Ren Zhu Yang, Yun Zhen Huang, Wen Qin Lin, Sai Bing Wang, Ye Biao Yang, Cui Zhen Lin, Rong Yun Zheng, Hui Fang Lin, Xiu Ying Zheng, Jin Ping Lin, Hui Ming Dong, Yu Bing Luo, Sau Chi Kwok, Sai Xian Tang, Yi Zhen Lin, Rui Fang Zhang, Mei Juan Yu, Mei Ying Li, Qin Fang Qiu, Yi Mei Lin, Mei Zhu Dong, Fung Lam, Xiu Zhu Ye, Sing Kei Lam, and Xue Jin Lin, Plaintiffs-Appellants, v. LIBERTY APPAREL COMPANY INC., Albert Nigri, and Hagai Laniado, Defendants-Cross-Claimants-Appellees, Ngon Fong Yuen, 88 Fashion Inc., Top Five Sportswear, Inc., S.P.R. Sportswear, Inc. and 91 Fashion, Inc., Defendants, Lai Huen Yam, a/k/a Steven Yam, 998 Fashions, Inc. and 103 Fashion Inc.,Ã¢â¬ ¦show more contentÃ¢â¬ ¦Because the Contractor Defendants either could not be located or have ceased doing business, plaintiffs have voluntarily dismissed their claims against those defendants with prejudice. Accordingly, plaintiffs now seek damages only from the Liberty Defendants. Liberty, a Ã¢â¬Å"jobberÃ¢â¬ in the parlance of the garment industry, is a manufacturing company that contracts out the last phase of its production process. That process, in broad terms, worked as follows: First, Liberty employees developed a pattern for a garment, cut a sample from the pattern, and sent the sample to a customer for approval. Once the customer approved the pattern, Liberty purchased the necessary fabric from a vendor, and the vendor delivered the fabric to Libertys warehouse. There, the fabric was graded and marked, spread out on tables, and, finally, cut by Liberty employees. After the fabric was cut, Liberty did not complete the production process on its own premises. Instead, Liberty delivered the cut fabric, along with other essential materials, to various contractors for assembly. The assemblers, in turn, employed workers to stitch and finish the pieces, a process that included sewing the fabrics, buttons, and labels into the garments, cuffing and hemming the garments, and, finally, hanging the garments. The workers, including plaintiffs, were paid at a piece rate for their labor. From March 1997 through April 1999, Liberty enteredShow MoreRelatedThe Case Of Nino V. The Jewelry Exchange Essay970 Words Ã |Ã 4 PagesIn the case of Nino v. The Jewelry Exchange, there were allegations brought forth by Rajae Nino who felt he was discriminated against by his former employer, on the account of his gender and national origin. When he was employed with said employer, he was given a copy of the companyÃ¢â¬â¢s employment contract by the human resources manager and instructed him to read it and sign it without affording him any opportunity to negotiate over its terms. With most discrimination cases, Ã¢â¬Å"the EEOC encouragesRead MoreSmall Businesses Are Essential For The Fabric Of The American Economy Essay1326 Words Ã |Ã 6 Pageslike the threat that faces most business owners is a sizeable one. In August of 2015, the National Labor Relations Board released itÃ¢â¬â¢s long awaited decision regarding joint employement in connecting to the Browning-Ferris Indust ries of Pennsylvania, Inc. issue. In an unprecedented move, one that overturned their previous decisions and threatens to upend the basis of franchisor/fanchisee relationships the board decided that in order to find that two or more entities are joint employers of a singleRead MoreWhat Are the Impacts of Rfid in Oil and Gas Supply Chain Management?21195 Words Ã |Ã 85 Pages3) That this declaration is provided to the best of my knowledge and believes. Signed___________________________________ Justin Executive Summary One of the greatest phenomenon in business today is the zeal by companies, especially in the manufacturing and retail industry to gain competitive advantage through innovation and technology that can bring about reduction in cost and fast delivery while also monitoring product visibility in the supply chain. This can only
Wednesday, December 18, 2019
Unit 7 sociological perspectives In this blog I will be explaining the principal sociological perspectives (Marxism, Interactionism, Functionalism and collectivism). The open view in sociology can cause debates, disclosure and sometimes even controversy as we will see in the blog. Sociology is the study of society and the different social structures within it. Social structures examples of large groups that are in society. For example, family, religion, health and social care, mass media, economic system etc. Sociology is viewed as the scientific study of society, it is a scientific study because the views presented in sociology is based upon empirical data (information gained from constructing detail research). How what makesÃ¢â¬ ¦show more contentÃ¢â¬ ¦doctors, nurses, managers etc.). Value consensus, this is where individuals agree to the same values and norms, for examples, to be respectful to those in authority. Ã¢â¬Å"George Murdock (1897 Ã¢â¬â 1985) examined over 250 societies, ranging from small hunter-gatherer communities to large industrialized societies, and found some form of family in all of them. Murdock claimed some points about family and their functions. For example, The reproductive function provided stability for the rearing of children and socialization include the responsibility of teaching children the acceptable ways of behaving in societyÃ¢â¬ (Stretch and Whitehouse, 2010, pg.310) Functionalists do not give clear explanations of negative behavior and the extreme forms of deviance found in crime and abuse. This makes society destabilized as a whole. Collectivism (community support) Collectivism is also a more akin to a political theory, rather than strictly a sociological perspective as it has its basis in political values. It is a form of universality; vulnerable people in society are given some form of support. The welfare system is an example; this was formed after the Second World War, from the recommendations made by the report for Social Security and Allied Services, commonly known as the Beveridge. The unemployed are entitled to jobseekers allowance; the disabled are entitled toShow MoreRelatedSociological Perspectives On Health And Social Care3443 Words Ã |Ã 14 PagesName: Amina Isa Ali ID: 845368 Unit 7: Sociological Perspectives in Health and Social Care. Tutor: Sharon Davis Date: 08/10/14 Time: 17:43 P1) In p1 I will be explaining the principle sociological perspectives in health and social care. Marxism: Marxism: In the 19th century, Marxism was inspired by two men Karl Marx and Friedrich Engels. These two men were German theorists who were living in Britain. The governmental professionals are of Marxists viewpoints and beliefs. Marxism has playedRead MoreHow Women Entrepreneurs Lead and Why They Manage That Way7218 Words Ã |Ã 29 Pagesand Pearce, 1998) and that the style of leadership practiced by women owners, which has a pronounced impact on employer-employee interactions and performance outcomes (Karakowsky and Siegel, 1999), enhances trust and productivity. We begin by Ã¯ ¬ rst examining the work environments women construct through their interactive transformational leadership to create a climate of trust that enables employees to move from outsiders to being insiders. We then examine the phenomenon of trust, the inÃ¯ ¬âuence of genderRead More14 Principles of Management7135 Words Ã |Ã 29 Pages (1949). One of his key contributions was the Currently, service-based and high- 14 principles of management. These tech industries are becoming principles provided and continue to provide a dominant in some economies, general management perspective for such as the United States. Many practicing managers and an instructional organizations in these industries interpret the principles quite tool for academicians teaching in the field of differently from the way they were management. But
Tuesday, December 10, 2019
Question: Discuss about the Manipulation of Financial Information. Answer: Introduction DIPL is an Australian company and the business of company is printing. This report encompasses the analysis of financial statement of the company to assess the financial condition of the company. DIPL`s case is being studied to analyse the whole information about the changes made by the company. Stewart and Kathy has done the audit for the company and through analysing the information of business it is concluded that some changes were made by the company in context to strategies. Changes were being made by the company in context to the IT system, variations in BOD members, annual meeting discussion etc. DIPL`s financial data is analysed to assess the information about company`s financial position. Financial statement and ratio analysis of company of former three years are as follows: Statement for analytical analysis (presenting calculation of ratios) Computation of ratio analysis Liquidity ratio 2013 2014 2015 Current ratio 1.424851323 1.46655925 1.500731379 0.017751573 Quick ratio 0.82797619 0.944834334 0.847272997 0.007768664 Working capital 16,05,938.0 23,88,900.0 32,03,429.0 0.331580049 Profitability Ratios 2013 2014 2015 Operating Profit Margin 0.100977727 0.089047255 0.08898715 -0.039581594 Net Profit Margin 0.068957968 0.060779639 0.06838972 -0.002746837 Return on Capital Employed 0.4 0.3 0.2 -0.160459244 Return on Equity 0.257834973 0.212484827 0.24261746 -0.019673454 Return on Total assets 0.182458623 0.144075478 0.113667738 -0.125673945 Debt equity ratio Capital structure ratio 2013 2014 2015 Debt- equity 0.413114754 0.474816041 1.134444326 0.582025183 Interest coverage ratio 40.94205904 40.1257067 4.78608308 -0.294367022 Efficiency ratio Efficiency ratio 2013 2014 2015 Receivable turnover ratio 11.08401323 9.2532887 Creditor turnover ratio 12.68542199 11.23585229 Inventory turnover ratio 12.83396414 10.75765974 Assets turnover ratio 2.614942828 2.066946288 Company has made alterations in its business strategies and the financial factors are also influenced through these diversifications(Whittington, 2012). The high turnover of company has resulted as enhancement of working capital by 32, 03,429 AUD and current ratio i.e. 1.77%. Quick ratio portrays that liquidity is managed effectively for managing resources and to meet requirement of small debts. However, profitability ratio depicts falling of profit as the profit volume has fallen in year 2013 by 3.95%; whereas in year 2015, profit rate is being predicted as .88 %. Various ratios are assessed such as- inventory turnover ratio, efficiency ratios, Assets turnover ratio, receivable turnover ratio, and Creditor turnover ratio; to evaluate the company`s performance in perspective to its short term debt in addition to working capital(Whittington, 2012). The analysis of statement could conclude that modifications done in the company`s operations has influenced the ratios. It has complicated the job of the auditors as there is misstatement in the books of accounts. Assessment of risk is mandatory for the DIPL to identify the risk factors. The case study, analysis indicates that inherent risk could be faced by company perspective to auditing compliances. The inherent risk factors are: Intentional Misstatement Inherent risk escalates due to the fraudulent activities pursued by accountant to prepare financial statement in devoid of practicing accounting standards. Information assessed through the case study depicts that there was escalation in the revenue but the profit margin of the company was portrayed in less amount. This aspect may be represented to be safe from being paying tax. As a result, DPIL, indulged itself into fraudulent practices, by showing less profit to save the tax amount. The company might has recorded false transaction to reduce the profit level(Burgon, 2013). Another analysis of case study, depicts that impressive growth and performance of company was portrayed. However there is certainty, that company`s escalated growth was represented to impress the shareholders. Some transactions created the financial information more complex; as, high salary was paid to workers and high rate of depreciation was being charged. This concludes misstatement in accounts and that can be a factor for inherent risk. International and domestic reporting The accounting procedures were not being followed while preparing the financial statements. It is obligatory for business organization to follow the GAAP and IFRS`s principles.; so that international level, requirement of accounting could be followed. This aspect benefits the company to acquire investment from FDIC(Kimmel Weygandt , 2013). Non-compliance of accounting rules can create risk for the company and the business can also be get influenced. Hence it is obligatory for company to follow the general accounting principles while preparing books of accounts. Interest amount- In the year 2013 company`s interest amount was 84379.0 AUD, whereas in the year 2015, the amount of interest was 808038.0 AUD. This means, the change in amount of interest over two years is 285.87%. Company took huge loan to sustain its liquidity position and funds. The loan amount was used by the company for payment of its taxes(Prasad, 2012). Revenue of company escalated last year which means it is required by DPIL to make imbursement of high tax return to Australian government. To benign from not paying the tax, higher interest amount was portrayed by DPIL in the financial statement with a plan for paying less tax to Australian government. Debt to equity ratio- The analysis of debt to equity ratio states that there was increment in the ratio of 1.13 in 2015. DPIL`s none of the project required such a massive amount. Consequently this huge amount was shown in financial statement to impress the shareholders and government. Identification of key fraud risk factors Analysis of the financial factors indicates that manipulation was done and the financial information is related with the fraudulent activities( Handsworth, 2012). The auditor also studied the processes of business, such as purchase and inventory and other business operations, like- finance department process, printing process, cash receipts, and e-book revenue process. Information was being taken from the meeting of board of directors and company`s financial statement. The risk inherent factors were also identified by the auditor. Conclusion The report concludes that unethical practices were carried out by the company. The transactions were recorded by the company as per their own interest, to save the tax. Financial statement of the company were also prepared by manipulation of the financial information; so that shareholders could be impressed and they could make more investment in the business. References Fazal, . H., 2011. What is Audit risk?. [Online] Available at: https://pakaccountants.com/what-is-audit-risk/ Handsworth, A., 2012. Risk Management Audit Guide. s.l.: Xlibris Corporation. . Burgon, R., 2013. The Five Step Guide to Risk Assessment. [Online] Available at: https://rospaworkplacesafety.com/2013/01/21/what-is-a-risk-assessment/ [Accessed 22 8 2017]. . F., 2015. Ethics. s.l.:Pearson Education. Kimmel, P. D. Weygandt , J. J., 2013. Accounting Principles. s.l.:s.n. Prasad, M. V. K., 2012. The components of audit risk. [Online] Available at: https://www.thehindubusinessline.com/news/education/the-components-of-audit-risk/article2910361.ece [Accessed 22 8 2017]. Spacey, J., 2016. What is an Inherent Risk?. [Online] Available at: https://simplicable.com/new/inherent-risk[Accessed 22 8 2017]. Whittington, O. R., 2012. Auditing and Attestation. s.l.: John Wiley Sons.
Tuesday, December 3, 2019
Japanese Internment Japanese Internment: Will We Ever Know The Truth? Would The Truth Make It Moral? In 1942, 120,000 Japanese-Americans were relocated to areas far from their homes, out of the fear the United States Government held inside their hearts. Japan had just bombed Pearl Harbor. Many of the U.S. seaport areas on the West coast were inhabited by Japanese-Americans. General DeWitt provided a security plan for both United States citizens (Caucasian) and the Japanese-Americans...or so it was stated. However, when seeking the fine details of this incident, will we ever know the absolute truth? The Official Government documents drastically contrast the first-hand accounts of what it was like in those Pioneer Communities. Each source changes the story behind the Japanese-American Internment slightly. Can truth truly exist once it becomes a part of the past? By looking at both governmental and personal accounts of the Internment, only small similarities carry throughout. In the Instructions to All Persons of Japanese Ancestry, John L. DeWitt, lieutenant general of the Western Defense Command, posted on April 30th, 1942, instructed all Japanese descendants, whether born inside or outside of the United States that they were not to change residences after 12:00 PM on this very day, and that all would be evacuated from their homes no later than May 7th, 1942 - only one week later. There were no reasons behind this evacuation, and there were no explanations as to what was going to happen after such an evacuation. Thorough plans for preparation were provided, such as the offering of assistance from the Civil Control Station to help sell or dispose of all personal or business property, and to provide temporary residence for all Japanese in family groups. The instructions on this evacuation were very precise, and did not allow for any compromise: THE FOLLOWING INSTRUCTIONS MUST BE OBSERVED: ...2. Evacuees must carry with them on departure for the Assembly Center, the following property: (a) Bedding and linens (no mattress) for each member of the family; (b) Toilet articles for each member of the family; (c) Extra clothing for each member of the family; (d) Sufficient knives, forks, spoons, plates, bowls, and cups for each member of the family... As is obvious, it seemed the government had a very specific plan in mind for these thousands of Japanese-Americans. But no reasoning was offered to the victims of this plan. Each citizen and alien (Non-American born Japanese were not allowed to become citizens - evidence of previous racism against those of Asian background) were expected to fully accept and obey what the government had expected of them. Most of them did. It was a trust of the government - it was the center of everything, and the President and his men held a great deal of respect - and the government officials must have had sufficient reason for doing such a thing to its people. We know now that this relocation and evacuation was immoral, deceitful, and practically criminal. But in the 1940s, it was somehow accepted. The instructions also included, not just what they were to bring, but also what NOT to bring. No pets of an kind...no personal items and no household goods.... The government only allowed for the Japanese-Americans to bring necessities. Nothing that would provide them with any of the comforts of home. Perhaps some thought the government would provide them these sorts of amenities once they arrived wherever it was that they were going. But they left it all behind. It is easy to look into this occurrence now, with hate and wagging fingers, knowing that even the government which initiated such a situation has taken blame and admittance for such a wrongdoing. In the eyes, minds, and hearts of those involved in the situation and around it, it must have been a very different situation. In a news reel from 1942, reported by Milton Eisenhower, these camps of untamed lands and pioneer communities seemed like ample opportunities for the Japanese-Americans which were being moved there. The government was depicted as working quickly to provide safety for Japanese descendants from the war-affected Americans that may become violent towards them, and that they were busy ensuring that the Japanese had everything that they would need for as long as they were there. The Japanese were depicted as curious about their new surroundings, though the film showed rather frightened-looking humans with slumped shoulders and withdrawn souls. Nothing about them looked curious, however Im sure some were - regarding when they could go home again. The government, particularly Milton Eisenhower in this film,