GE's beginning and ending LIFO inventories were: 10,427 and 9,203 , respectively . GE had a pre-tax
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GE's beginning and ending LIFO inventories were: 10,427 and 9,203 , respectively . GE had a pre-tax liquidation gain of 507. Note that inventory increased despite the liquidation, because GE uses FIFO for some inventories. Based on the information provided and the graphs, calculate the firm's inventory turnover ratio.
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FINANCIAL STATEMENTS STATEMENT OF EARNINGS For the years ended December 31 (In millions; per-share amounts in dollars) Revenues and other income Sales of goods Sales of services Other income (Note 17) GECC earnings from continuing operations GECC revenues from services (Note 18) General Electric Company and consolidated affiliates 2014 2013 2012 76,568 71,873 72,991 30,190 28,669 27,158 778 3,108 2,563 41,053 42,395 43,972 148,589 146,045 146,684 Total revenues and other income Costs and expenses (Note 19) Cost of goods sold Cost of services sold 61,257 57,867 56,785 20,054 19,274 17,525 Interest and other financial charges 9,482 10,116 12,407 Investment contracts, insurance losses and insurance annuity benefits 2,548 2,676 2,857 Provision for losses on financing receivables (Note 6) 3,993 4,818 3,832 Other costs and expenses 34,026 35,143 35,897 Total costs and expenses 131,360 129,894 129,303 Earnings from continuing operations before income taxes Benefit (provision) for income taxes (Note 14) Earnings from continuing operations Eamings (loss) from discontinued operations, net of taxes (Note 2) Net earnings Less net eamings (loss) attributable to noncontrolling interests Net earnings attributable to the Company Preferred stock dividends declared Net earnings attributable to GE common shareowners 17,229 16,151 17,381 (1,772) (676) (2,534) 15,457 15,475 14,847 (112) (2,120) (983) 15,345 13,355 13,864 112 298 223 15,233 13,057 13,641 $ 15,233 $ 13,057 $ 13,641 Amounts attributable to GE common shareowners Earnings from continuing operations Less net earnings (loss) attributable to noncontrolling interests Earnings from continuing operations attributable to the Company GECC preferred stock dividends declared $ 15,457 $ 15,475 $ 14,847 112 298 223 15,345 15,177 14,624 Earnings from continuing operations attributable to GE common shareowners 15,345 15,177 14,624 Earnings (loss) from discontinued operations, net of taxes (112) (2,120) (983) Net earnings attributable to GE common shareowners $ 15,233 $ 13,057 $ 13,641 Per-share amounts (Note 20) Earnings from continuing operations Diluted earnings per share Basic earnings per share $ 1.51 1.53 69 69 $ 1.47 $ 1.48 69 69 $ 1.38 $ 1.39 Net earnings Diluted earnings per share 1.50 69 $ 1.27 $ 1.29 Basic earnings per share 1.51 $ 1.28 $ 1.29 Dividends declared per common share $ 0.89 $ 0.79 $ 0.70 FINANCIAL STATEMENTS STATEMENT OF EARNINGS For the years ended December 31 (In millions; per-share amounts in dollars) Revenues and other income Sales of goods Sales of services Other income (Note 17) GECC earnings from continuing operations GECC revenues from services (Note 18) General Electric Company and consolidated affiliates 2014 2013 2012 76,568 71,873 72,991 30,190 28,669 27,158 778 3,108 2,563 41,053 42,395 43,972 148,589 146,045 146,684 Total revenues and other income Costs and expenses (Note 19) Cost of goods sold Cost of services sold 61,257 57,867 56,785 20,054 19,274 17,525 Interest and other financial charges 9,482 10,116 12,407 Investment contracts, insurance losses and insurance annuity benefits 2,548 2,676 2,857 Provision for losses on financing receivables (Note 6) 3,993 4,818 3,832 Other costs and expenses 34,026 35,143 35,897 Total costs and expenses 131,360 129,894 129,303 Earnings from continuing operations before income taxes Benefit (provision) for income taxes (Note 14) Earnings from continuing operations Eamings (loss) from discontinued operations, net of taxes (Note 2) Net earnings Less net eamings (loss) attributable to noncontrolling interests Net earnings attributable to the Company Preferred stock dividends declared Net earnings attributable to GE common shareowners 17,229 16,151 17,381 (1,772) (676) (2,534) 15,457 15,475 14,847 (112) (2,120) (983) 15,345 13,355 13,864 112 298 223 15,233 13,057 13,641 $ 15,233 $ 13,057 $ 13,641 Amounts attributable to GE common shareowners Earnings from continuing operations Less net earnings (loss) attributable to noncontrolling interests Earnings from continuing operations attributable to the Company GECC preferred stock dividends declared $ 15,457 $ 15,475 $ 14,847 112 298 223 15,345 15,177 14,624 Earnings from continuing operations attributable to GE common shareowners 15,345 15,177 14,624 Earnings (loss) from discontinued operations, net of taxes (112) (2,120) (983) Net earnings attributable to GE common shareowners $ 15,233 $ 13,057 $ 13,641 Per-share amounts (Note 20) Earnings from continuing operations Diluted earnings per share Basic earnings per share $ 1.51 1.53 69 69 $ 1.47 $ 1.48 69 69 $ 1.38 $ 1.39 Net earnings Diluted earnings per share 1.50 69 $ 1.27 $ 1.29 Basic earnings per share 1.51 $ 1.28 $ 1.29 Dividends declared per common share $ 0.89 $ 0.79 $ 0.70
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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