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Financial Statements Assets and their values Statement of Owners’ Equity Net Income (net loss)

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You will write a 2 – 3 page paper, single spaced, one inch margins, 12 pt font, with double space between

paragraphs. Your paper should comment on the financial statements for your company as they relate to the information presented through week 5 material for our class, including the notes to the financial statements. ** Use headings in your paper such as Accounts Receivable and Inventory (topics from our textbook; other examples would be Balance Sheet and Income Statement).

Company is General Motors, and their SEC 10-K report is attached with all the information needed. 

Also attached is the key ideas needed to be incorporated

Financial Statements

            Assets and their values

            Statement of Owners’ Equity

            Net Income (net loss)

Income Statement

            Fiscal year

            Inventory – LIFO, FIFO, and/or average cost

            Single-step or multi-step income statement?

            Gross Profit and Gross Profit Percentage

  This Year Last Year 
Net Sales 168,716,257,269  157,884,662,493
Cost of Goods Sold 137,347,334,128  129,155,500,543 
Gross Profit 31,368,923,141  28,729,161,950 
Gross Profit Percentage  18.5% 18%

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Internal Control; Opinion to the Outside Auditor

            Who is the auditor – Deloitte & Touche LLP

            Key Locations- State of Delaware (State or other jurisdiction of incorporation or organization)

                                       Detroit, Michigan (address of principle executive offices)

Receivables; Fixed Assets

            Reading the notes to the financial statements, as well as the balance sheet, post information about the Accounts Receivable for your company. Who owes the company money?

            Search for the phrase “Bad Debts” or Allowance (for collectible accounts). When you read the balance sheet, you may see that the receivables are listed as a net of $x,xxx to show the Allowance for Bad Debts. Comment about the changes in Accounts Receivable and the Allowance for Bad Debts. Are they increasing or decreasing? How does this relate to sales (are sales increasing or decreasing)?

            Property, Plants, and Equipment / PPE (Capital Assets; Fixed Assets): Comment about PPE and accumulated depreciation. How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE?

 
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