providing audit or other attestation services for banking‚ insurance‚ and other regulated industries would be discrediting the profession if they used restricted clauses in engagement letters. Crazy Eddie 1. Compute key ratios and other financial measures for Crazy Eddie during the period 1984-1987. Identify and briefly explain the red flags in Crazy Eddie ’s financial statements that suggested the firm posted a higher-than-normal level of audit risk. Current Ratio (1987-84): 2.41‚ 1.40‚ 1
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Cassie Angelucci 9/21/14 Crazy Eddie Fraud Case Eddie Antar came from a low rent neighborhood in Brooklyn from a family of merchants. Growing up poor he had dreams and aspirations of becoming a household name. At the age of 20 years old‚ Antar opened up his very first store‚ Crazy Eddie. Crazy Eddie was an electronics store that specialized in low prices and a party atmosphere. The business did very well in its startup years and began to grow. Not long after Antar opened up his first store‚ he
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Case 1.8 Crazy Eddie‚ Inc. Case Summary: At age of 16‚ in 1978‚ Eddie Antar opened Crazy Eddie Inc in New York City. This was an electronics store where leadership positions were assumed by family and relatives. Their excellent advertising techniques through radio and their cut rate prices allowed the company to become “transhipper”‚ selling goods to other electronic retailers in NYC area. Crazy Eddie Inc went public in 1986 in order to finance expansion program and in that year‚ it was
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In Crazy Eddie Case‚ a former CPA‚ Sam E. Antar‚ was a key individual who helped Eddie Antar mastermind one of the largest securities frauds uncovered during the 1980s. Sam admitted that he had no empathy whatsoever for investors because he never concerned about morality or the suffering of those victims. Next I’ll analysis Crazy Eddie Case from ethical perspective and use Ethical Decision Making Model to evaluate Sam’s possible behaviors. 1. Frame the ethical issue: Should Sam join his cousin
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1) The following table provides key financial ratios for Crazy Eddie during the period 1984-1987: | |1987 |1986 |1985 |1984 | |Current Ratio |2.41 |1.4 |1.56 |0.93 | |Quick Ratio |1.4 |0.6 |0.77 |0.15 | |Debt Ratio |0.68 |0.66 |0.64 |0.83 | |Debt-to-Equity |2.16
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SUMMARY Eddie Antar (Crazy Eddie) dominated the retail consumer electronics market in the New York City metropolitan area. By 1987‚Antar’s firm‚ Crazy Eddie ‚ Inc.‚ had 43 retail outlets‚ sales exceeding $350 million‚ and outstanding stock with a collective market value of $600 million. During his term as the company’s chief executive. Antar had personal gain of more than $70 million. The first step Crazy Eddie done in order to gain success was to expand his little store into many big consumer
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Defining Key Ratios: http://www.equitymaster.com/detail.asp?date=01/05/2010&story=3&title=Investing-Back-to-basics-XXI * Net interest margin (NIM) * Operating profit margin (OPM) * Cost to income ratio * Other income to total income ratio Net interest margin (NIM): Just as we calculate and measure performances of non-financial companies on the basis of their operating performance (EBITDA margins)‚ the performance of banks is largely dependent on the NIM for the year. The difference
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Eddie Blinkov Lean On Me In the movie called Lean On Me‚ Joe Clark the principal uses methods to establish authority in the school and these are the ways he did that. Firstly‚ he comes off as a very strict and disrespectful man to establish dominance in the school with the teachers and students. An example of this is when he first came into the school and yelled at all the teachers for doing a bad job to educate the students. This shows that Joe really cares for these children and wants the teachers
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1987 DBQ The misinterpretation and different views of what was stated in the Constitution contributed to the sectional discord‚ tension and failure of the Union. The Constitution was written almost a century before all these problems occurred‚ they could not have foreseen such issues back then. Although the Constitution was written very well for that time period‚ it does unfortunately contribute to the failing of the Union. The Constitution was written so it could be interpreted differently by
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Constitution‚ originally framed as an instrument of national unity‚ had become a source of sectional discord and tension and ultimately contributed to the failure of the union it has created. This was shown by interpretations of the constitution and other documents when the constitution was assorted together. It is known that the union did not last‚ for there was the Civil War. If everyone could agree on what the constitution implied‚ then there probably would not have been a civil war. From several
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