Business > CASE STUDY > Course Project.docx (2) ACG2680 Financial Investigation Rasmussen University A276/AC (All)
Course Project.docx (2) ACG2680 Financial Investigation Rasmussen University A276/AC
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Course Project.docx (2) ACG2680 Financial Investigation Rasmussen University A276/ACG2680 Financial Investigation The fraudulent activity Enron performed in simple words was keeping liabilitie... s off the balance sheet so that financial statements look good. This act allowed for Enrons stock price to increase year over year and maintain good investment credit ratings. To keep liabilities off the balance sheet Enrons executives started to establish special-purpose entities where liabilities were placed. This is generally allowed by GAAP, but companies must consolidate liabilities to one financial statement and Enron did not. Enron filed bankruptcy early December 2001. It became the largest Chapter 11 bankruptcy ever recorded before WorldCom. An approximate 4,000 jobs were lost, and thousands of employees lost their pensions and 401k because they were tied to Enrons stocks (Thomas, 2002). The total loss was m. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]
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