Howard Street Jewelers‚ Inc. A. Synopsis Howard Street Jewelers Inc. is a small retail business owned by Mr. & Mrs. Julius Levi for more than 40 years. Undoubtedly‚ the company had its ups and downs. It survived its previous sales slack by cutting costs. Currently‚ the business is experiencing a continuous downward spiral of its cash position notwithstanding the safety measures the company had taken. With that‚ Mrs. Lore Levi got alarmed that the jewellery company might close. Mrs. Levi
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Case: Goodner and Howard Street Jewelers Cases Student Name: Shucong Li Date: 09.16.2014 I. Three conditions of Fraud Triangle: 1. Incentive or pressure to perpetrate fraud： a) Excessive pressure for management to meet third party expectations b) Financial stability or profitability is threatened c) Management’s personal financial situation is threatened 2. Opportunity to carry out the fraud a) Nature of the Industry or entity’s operations b) Complex or unstable organizational structure c) Ineffective
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internal control concepts that could have prevented Betty’s embezzlement from the company. • Segregation of duties: Betty had responsibilities in too many areas. She maintained the cash‚ the cash receipts‚ and the sales records for Howard Street Jewelers. This not only provided Betty with plenty of opportunity‚ but also gave her the means to conceal the theft. • Authorization of transactions: Betty was able to put items on layaway without authorization from management. • Physical controls: Cash
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any real responsibilities to pursue the matter any further. However‚ if he suspected something was amiss he should have discussed it with the Levi’s to let them know there may be a problem. In addition to preparing tax returns for Howard Street Jewelers‚ alternately assume that the CPA (a) audited the business’s annual financial statements. If the CPA were their auditor‚ he would have a responsibility to bring any hint of fraud to the attention of the audit committee. (b) reviewed the annual
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Henne Jewelers Refund Policy RETURN POLICY If you are not completely satisfied with your purchase‚ you may return the unworn item to us within 30 days of the sale date for either a refund or exchange. If 30 days have elapsed since your purchase‚ unfortunately we can’t offer you a refund or exchange. In order to be eligible for a return‚ your item must be unused and in the same condition as you received it. It must also be in the original packaging. A sales slip must accompany all refunds and exchanges
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After reading‚ “The Jeweler Wallace Chan: “The Stone Is Me‚” I believe that the making of jewelry isn’t easy‚ and it requires a lot of time and dedication. In this article they talked about Wallace Chan and his path to how he ended up doing what he loves most‚ making jewelry. But not just any jewelry. Each of his pieces mean something to him‚ he makes it with all of his love‚ and all of his pieces are technically his children. Wallace Chan started out working with his family making plastic flowers
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Description In 2002‚ Gretchen Reeves and Michaela Hurd sisters took over the management of Hallstead Jewelers‚ which was established 83 years earlier by their grandfather and has become one of the largest jewelry and gift stores in the United States for its product diversity strategy‚ comprehensive range of commodities and brand name recognition among the same industries and customers. After sales became stagnant and profits started to slip since 1999‚ the sisters decided to change the location
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1. The internal control concepts that the Levis ignored were a. Segregation of duties - No one person should be responsible for all transactions from the beginning to the end. Betty had too many responsibilities that were interwoven and should have been performed by more than one person. She handled the cash that came in‚ maintained the cash receipts and the sales records. Another concept that this relates to is that no one individual should perform more than one of the following; recording transactions
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Michael Hill Jewellers (MHJ) is one of the most recognizable names in the New Zealand retail jewellery industry. In 1979‚ Michael Hill opened his first store in Whangerei. Until then‚ jewellery stores had been run primarily by craftsmen jewellers. Michael Hill changed this with the philosophy “to make jewellery buying less intimidating and more accessible to the public.” In order for any company to succeed‚ it has to take a look at the environment in which it operates. This is why an external environmental
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1. What are some key success factors in diamond retailing? How do Blue Nile‚ Zales‚ and Tiffany compare on those dimensions? Key drivers of customer purchases in diamond retailing include quality and range of products offered‚ reputation‚ professional advice offered‚ and customer perception and emotional bonds‚ including a positive buying experience and customer service. Success is also dependent upon obtaining economies of scale through such avenues as preferential access to resources‚ an
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