General Motors ended its 2007 year with shareholders' equity of – $37,094 million at December 31 (yes, negative equity!). Six months later, at June 30, 2008, it reported –$56,990 million in equity after paying a dividend of $283 million to shareholders. There were no other transactions with shareholders.
a. What was comprehensive income for the six months?
b. The income statement reported a loss of $18,722 million for the six months. What was "other comprehensive income"?
c. Total expense and other losses in the income statement, including taxes, were $60,895 million. What was revenue for the six months?
d. The firm reported $148,883 million of total assets at the end of 2007 and $136,046 at June 30, 2008. What were total liabilities at these two dates?
e. How can a firm have negative equity?