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Accounting debacles, such as the case of Enron, brought to light the necessity o

Accounting debacles, such as the case of Enron, brought to light the necessity of accuracy in financial reporting and accountability of management.
Pick one of the following companies (Enron, WorldCom, Toshiba, Wells Fargo) to research and report/connect on some of the internal control components and/or principles of internal control activities (the ones we noted and discussed in chapter 7) that should/could have been implemented to avoid the accounting issues that were brought to the public’s attention.
Chapter 7 Internal Control Components
– Control Environment
– Risk Assessment
– Control Activities
– Information and Communication
– Monitoring
Chapter 7 Principles of Internal Control Activities
– Establishment of responsibility
– Segregation of duties
– Documentation procedures
– Physical controls
– Independent internal verification
– Human resource controls
Describe in summary what accounting issue(s) occurred within your chosen company, and then as stated above, note what internal control elements you think should/could have been implemented and why.

Current Liabilities — Comparative Analysis Problem: PepsiCo®, Inc. versus the Co

Current Liabilities — Comparative Analysis Problem: PepsiCo®, Inc. versus the Coca-Cola Company
PepsiCo, Inc. financial statements are in Appendix B, and Coca-Cola Company financial statements are in Appendix C. Use their financials to answer the following questions:
On December 28, 2019, what was PepsiCo’s largest current liability account? What were its total current liabilities? On December 31, 2019, what was Coca-Cola’s largest current liability account? What were its total current liabilities?
Based on information contained in those financial statements, compute the following 2019 values for each company:
working capital
current ratio
What conclusions concerning the relative liquidity of these companies can be drawn from these data?

Bonds Payable and Investments in Bonds General Electric® Capital, a division of

Bonds Payable and Investments in Bonds
General Electric® Capital, a division of General Electric, uses long-term debt extensively. In early 2002, GE Capital issued $11 billion in long-term debt to investors and then within days filed legal documents to prepare for another $50 billion long-term debt issue. As a result of the $50 billion filing, the price of the initial $11 billion offering declined (due to the higher risk of more debt).
Bill Gross, a manager of a bond investment fund, “denounced a ‘lack in candor’ related to GE’s recent debt deal.” He said, “It was the most recent and most egregious example of how bondholders are mistreated.” Gross argued that GE was not forthright when GE Capital recently issued $11 billion in bonds, one of the largest issues ever from a U.S. corporation. What bothered Gross is that 3 days after the issue, the company announced its intention to sell as much as $50 billion in additional debt, warrants, preferred stock, guarantees, letters of credit, and promissory notes at some future date” (Alban, 2002).
In your opinion, did GE Capital act unethically by selling $11 billion of long-term debt without telling those investors that a few days later it would be filing documents to prepare for another $50 billion debt offering? Please explain your answer and discuss whether the action was illegal as well.
Reference
Alban, J. (2002, March 25). Gross shakes the bond market; GE calms it, a bit. Barron’s. https://www.barrons.com/articles/SB1016842424691772160