How did the corporate culture of Enron contribute to its Bankruptcy? Once a sound company listed in fortune 500‚ Enron‚ lead to downfall because of deceptive accounting system incorporated within the organization. Enron’s dubicious finance finally collapsed in Dec 2‚ 2001 as it filed Bankruptcy in New York Bankruptcy court. The corporate culture of Enron focused on financial performance neglecting the stakeholder’s value .The relentless emphasis on the importance of the shareholder’s value created
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Off Balance Sheet Financing Practices [Student Name] [Course Title] [Instructor Name] [Date] Off Balance Sheet Financing Practices The traditional accounting methods have been replaced by a number of new accounting techniques. Some of which are observable while other remain hidden. Off Balance Sheet Financing or OBSF is one of these new accounting techniques. It is a mode of obtaining finance for a business without disclosing significant capital expenditures on the balance sheet of a company
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Excel Income Statement Exercise: Creating a multiple-page workbook and income statement model. In this Excel exercise you will create a simple Excel worksheet that will model a simple income statement. In future exercises you will enhance the worksheet by adding additional features. If you are unfamiliar with the features of Microsoft Excel‚ you should complete a Spreadsheets tutorial before beginning this exercise. To complete this exercise‚ you will create two Excel worksheets in an Excel
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average accounts receivable. B) Dividing net sales by average accounts receivable and multiplying by 365. C) Dividing average accounts receivable by net sales. D) Dividing average accounts receivable by net sales and multiplying by 365. E) Dividing net income by average accounts receivable. 7. Electron borrowed $75‚000 cash from TechCom by signing a promissory note. TechCom’s entry to record the transaction should include a: A) Debit to
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hypothesis and its implications on the information perspective of accounting. As information perspective was later replaced by the measurement perspective‚ we will discuss recent accounting measurement issues‚ including fair value accounting and off-balance sheet liabilities. Positive accounting theory‚ earnings management‚ executive compensation and economic consequences of standard setting will be covered in the last part. Financial Accounting Theory is a rigorous subject requiring not only accounting
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IntroductionRiordan Manufacturing is a global plastics injection molding company‚ employing 550 people with estimated annual earnings of $46 million. Dr. Riordan‚ a professor of chemistry‚ who had obtained several patents relative to processing polymers into high tensile strength plastic substrates‚ was also the founder of Riordan Manufacturing. Sensing the commercial applications for his patents‚ Dr. Riordan started Riordan Plastics‚ Inc. in 1991. Owned by Riordan Industries‚ which is a fortune
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Quiz 1: 50 points – Due November 8‚ 2008 at Midnight Each question is worth 3.33 points 1. Financial statement ratios support informed judgments and decision making most effectively: a. when viewed for a single year. b. When viewed as a trend of entity data. c. When compared to an industry average for the most recent year. d. When the trend of entity data is compared to the trend of industry data. 2. When comparing entity financial ratios with industry ratios: a. it should be assumed
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Learning Team C Database Plan for Riordan Manufacturing Material Ordering Kishan Bhagan Amir Bashir Eric Berger Shawn Chandler Debra Hanzlik University of Phoenix DBM 500 October 22‚ 2006 Facilitator: Dr. Gary Page Table of Contents Introduction Database Plan Description Database Plan Purpose Project Plan E-R Diagrams A Description of the Normalization of the Database UML Diagrams Class Diagram Use Case Sequence Diagram Database Administration Plan
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Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60‚000 shares of common stock are outstanding. Brokaw Corp Income Statement For The Year Ended December 31‚ 2012 Sales Revenue Net Sales $1‚200‚000 Cost of Goods Sold 780‚000 Gross Profit 420‚000 Operating Expenses Selling Expenses $65‚000 Administration Expenses $48‚000 113‚000 Income from operations 307‚000
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available from year 2008 • Receipts from customers • Proceed from Interest and bill discounts received • Proceed from sales of plant and equipment • Proceed from issue of equity securities In the beginning of 2009 financial year‚ the company has a balance of $123‚055‚000‚ where the total increase in assets for the year 2009 from year 2008 was only $125‚816‚000. Hence company has not borrowed
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