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Enron was one of the world's largest power companies before it went bankrupt in one of the most spectacular financial frauds in history. One aspect of the fraud involved the creation of a separate entity that borrowed a large amount of money and then used the money to acquire facilities, which were then leased and used by Enron. Because Enron owned less than 50 percent of the stock of the separate entity, Enron was not required to include the entity in its consolidated financial statements. This arrangement was attractive to Enron management because the company did not have to report the huge debt held by the entity on its consolidated balance sheet.
The arrangement was deceptive to shareholders and potential investors because they were unaware of this debt, which turned out to be the responsibility of Enron. Recently, the FASB issued a standard requiring companies to include such separate entities in their consolidated financial statements. REQUIRED: Describe the economic entity assumption, and provide reasons why the FASB is requiring the consolidation of such entities. Do you think that the separate entity should have been considered part of the economic entity called Enron? Why?
Explain at least two ways financial systems and markets have had an impact in your life in the past or may impact you in the future.
Find the duration of a 6% coupon bond making annual coupon payments if it has four years to maturity and a yield to maturity of 5%. (assuming a face value of $1,000)
On December 15 of this year, Franco sells the building for $40,000. On the date of sale, the accumulated depreciation on the building was $5,565. What is Franco's recognized gain or loss on the sale?
Why is labor measured here by labor-time, and not by counting how manymovements were made, or by the heart rate of the laborer (as in an exercise room), or by the discomfort of the laborer?
presented here is information for packee inc. for 2012.retained earnings january 1130000revenue from legal
Accounts Basics and cash flow statement related multiple Choice questions and Which of the following is not one of the three forms of business organization?
In October 1997, Hewlett-Packard issued zero coupon (stated interest rate = zero) bonds with a face value of $1.8 billion, due in 2017, for proceeds of $968 million.
determine two 2 critical ways in which anchoring bias and herding behavior contribute to market bubbles. provide
suppose that the exchange rate is 0.85 dollars per swiss franc. if the franc appreciated 10 against the dollar how
Major Manufacturing currently has one bank account located in New York to handle all of its collections. The company keeps a compensating balance of $300,000 to pay for these services.
How much do you need to save each month for this purpose assuming that you have no money saved as of today ?
Texas Wildcatters Inc. (TWI) is in the business of finding and developing oil properties, then selling the successful ones to major oil companies.
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