Obtain General Electrics 2008 annual report either through the Investor Relations portion of its Web site (do

Question:

Obtain General Electric’s 2008 annual report either through the “Investor Relations” portion of its Web site (do a web search for GE investor relations) or go to www.sec.gov and click “Search for company filings” under “Filings and Forms (EDGAR).”

Required:

Answer the following questions:

1. Determine the amounts in the accounting equation for the most recent year. Does it balance?

2. What is the normal balance for the following accounts?

a. Current Receivables

b. Short-Term Borrowings

c. Sales of Services

d. Property, Plant, and Equipment—Net

e. Cost of Goods Sold

f. Inventories

g. Provision for Income Taxes

3. Identify the additional account that is most likely involved when:

a. Accounts Payable is decreased.

b. Accounts Receivables is increased.

c. Common Stock is increased.

d. Short-Term Borrowings is increased.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...