Business law Essay Example | Topics and Well Written Essays - 2000 words - 3

Business law - Essay Example After its establishment, Enron had adopted along with executed certain unethical accounting techniques with the specific objective of hiding its liabilities and other loses during the growth of its stock price. During this time, various experts of the US already provided warning to the company about its increasing debt, but Enron avoided this and moved on to the development of its business by making substantial investments. The financial collapse of Enron was a lesson for the other business houses prevailing in the US1. With this concern, the assignment focused on broadly discussing the unethical accounting practices conducted by Enron that made the company to face bankruptcy. The various responsibilities of the account practitioners in the company have been revealed in order to verify whether they are liable for leading the company towards facing bankruptcy or not. The prime objective of this paper is to determine that the conduct of unethical accounting practices had eventually mad e financial collapse of Enron. Case Background Enron had made a rapid growth since its formation. By the year 2001, it became the seventh biggest natural gas and electrical company in the entire region of the US. The scandal of Enron can be noticed for the reason of its increased level of earning business reputation and gaining substantial profits. After several years, Jeffery Skilling, the new CEO of the company appointed numerous skilled executives who were capable of hiding outstanding amounts that to be presented in the financial statements by using the methods of poor financial accounting. The company filed for bankruptcy in the year 2001 after experiencing a long-run loss in its business. It has been viewed that an increment in the annual revenue of the company was only US$ 9 to US$ 10 during the period of 1995 to 2000. This represents the loss that suffered by the company while conducting its business. It can also be viewed that the stock price of the company had a drastic fa ll from $90 per share to $1 from the middle of the year 2000 and lasted up to 2001 which created a great loss for the shareholders. After this incident, Enron checked its financial statement for the last five years and came to realize a total loss of $586 million2. Due to this heavy loss, Enron filled bankruptcy on December 2, 2001. It can be apparently observed that several problems faced by the company and its shareholders after the bankruptcy. In this regard, most of the employees of Enron were accused with charges and had been imprisoned. Enron lost a huge figure of customers due to bankruptcy and also for a case which was running in the US Supreme Court. The court ordered to pay back the customers with partial return. Being unable to overcome all these losses and negative reputation, Enron failed to restore its previous position in the market where it operates. In relation to the case of Enron, it can be affirmed that there were several reasons for which the company had experie nced bankruptcy. One of the major causes was the practice of unethical accounting practices that prevailed within the company. In this similar concern, the company adopted certain unplanned measures of financial reporting in order to hide the

History of Washington State Wine industry and it's global future Research Paper

History of Washington State Wine industry and it's global future - Research Paper Example This will be followed by the global future of the industry. The Washington wine is produced from grapes grown in the Washington region and this industry ranks second in the overall production of wine, falling only second to California. The industry has seen immense growth and development and the number of vineyards has grown to over 30,000, which cater to the export needs to almost forty different countries from around the world. The main production of wine takes place in the eastern half of the state, and this half is desert like in nature. Irrigation and water rights are a major interest to the industry and this is solely due to the rain shadow of the Cascade regions (Matthews). Also the Viticulture of the state is also a result of the high levels of sunlight that the area receives. The wine industry was started way back in 1825, when the first wine grapes were planted by Hudson’s Bay Company at the Ford Vancouver. As time passed by 1910, the state saw a high level of increase in the growing of grapes across the state (Gregutt). The credits for pioneers of the plantations however go to the French, Italians and Germans. There were number of efforts for the Wine Projects from wine experts and historians like Ron Irvine and Dr. Walter Clore. These experts were the ones to start the early planting at Fort Vancouver. The year 1854 saw the hybrid varieties of grapes and these were got to the Puget Sound region. As time passed by 1860, wine grapes were being started to plant in the region of the Walla Walla valley. The early 1900s specifically around 1903, found a large number of irrigation projects that were developed. During this time there was a large melt down of the Cascade Mountains and this was a huge opportunity for the people as the soil in these areas was rich volcanic and the weather here was sunny and arid. It was now that the Yakima and Columbia regions also saw the plantations of Italian and German varieties. As time passed by this