Obtain General Electric's 2016 annual report either through the ''Investor Relations'' portion of its website (do a web search for GE investor relations) or go to www.sec.gov and click ''Company Filings Search'' under ''Filings.''
Required:
1. Determine the amounts in the accounting equation for the most recent year.
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. Retained Earnings
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. Wages Payable is increased.