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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Case 2-66 Research and Analysis Using the Annual Report

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.

To determine

Introduction:

The accounting equation explains that the assets must be equal to the liabilities and stockholders’ equity on the occurrence of a business transaction. The dual aspect concept of accounting signifies that on each transaction the elements of the accounting equations are affected equally.

Determine the amounts in the accounting equation for the most recent year.

Explanation

The financial data are available on statement of financial position from annual report of General Electric as of December 31, 2016.

    ElementsGEFinancial Services
    (GE Capital)
    Total
    Total Assets$230,510,000,000$123,939,000,000

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