General Electric Company Comparative Financial Statements

Income Statement for Years Ended December 31, 2021, 2022, 2023

• Sales: $74,196, $78,321, $82,543
• Cost of Goods Sold: $48,547, $50,627, $53,012
• Gross Profit: $25,649, $27,694, $29,531
• Selling, General, Administrative Expenses: $15,638, $16,025, $16,512
• Operating Income: $10,011, $11,669, $13,019
• Interest Expense: $2,132, $2,263, $2,390
• Income Before Tax: $7,879, $9,406, $10,629
• Income Tax Expense: $1,575, $1,881, $2,126
• Net Income: $6,304, $7,525, $8,503

Balance Sheet as of December 31, 2021, 2022, 2023

• Assets
  • Current Assets: $105,794, $107,298, $109,456
  • Property, Plant, Equipment, Net: $64,327, $65,794, $67,238
  • Intangible Assets: $31,542, $32,827, $34,087
  • Total Assets: $201,663, $205,919, $210,781
• Liabilities and Equity
  • Current Liabilities: $53,427, $54,298, $55,123
  • Long-Term Debt: $92,376, $93,827, $95,256
  • Shareholders' Equity: $55,860, $57,794, $60,402
  • Total Liabilities and Equity: $201,663, $205,919, $210,781

Requirements

1. Compute the gross profit margin for each year.
2. Determine the operating income as a percentage of sales for each year.
3. Calculate the interest coverage ratio for each year.
4. Assess the current ratio for each year.