=+Chapter 1 Introduction to Accounting and Business 47 The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s operations were conducted through a variety of subsidiaries and affiliates that involved transporting gas through pipelines, transmitting electricity, and managing energy commodities. The following data were taken from Enron’s financial statements:

In millions Total revenues $100,789 Total costs and expenses 98,836 Operating income 1,953 Net income 979 Total assets 65,503 Total liabilities 54,033 Total owners’ equity 11,470