CSU General Motors Financial Statements for Year Ended Paper

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Colorado State University Global Campus

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Option #

Obtain the financial statements of a company with which you are familiar. The Annual report or 10K report of a publicly-traded company would be a great resource for this problem.

  • Identify specific account balances for which substantive analytical procedures would be appropriate and discuss your reasoning for selecting these accounts.
  • Describe in detail the type of substantive analytical procedures that would be used for these account balances and why this would be an effective test of the account balances.


Explanation & Answer:
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Explanation & Answer

I will attach the complete answer immediately i finish it. Meanwhile attached are the the finaincail stamtents that i will use

GENERA
L
MOTORS
COMPAN
Y AND
SUBSIDIA
RIES
CONSOLI
DATED
STATEM
ENTS OF
OPERATI
ONS
(In
millions,
except per
share
amounts)

Successor
July 10, 2009

January 1, 2009

Through

Through

December 31, 2009

July 9, 2009

Net sales
and revenue
Sales
Other
revenue

Total net
sales and
revenue

$

57,329
145

57,474

Costs and
expenses
Cost of
sales
Selling,
general
and
administra
tive
expense
Other
expenses,
net

56,381

6,006

15

$

Total costs
and
expenses

Operati
ng loss
Equity in
income (loss)
of and
disposition
of interest in
GMAC
Interest
expense
Interest
income and
other nonoperating
income, net

62,402

(4,928 )


(694 )

440

Gain (loss)
on
extinguishme
nt of debt

(101 )

Reorganizati
on gains, net
(Note 2)



Income (loss)
from
continuing
operations
before
income taxes
and equity
income
Income tax
expense
(benefit)
Equity
income, net
of tax

Income (loss)
from
continuing
operations

Discontinue
d operations
(Note 5)

(5,283 )

(1,000 )

497

(3,786 )

Income from
discontinued
operations,
net of tax

Gain on sale
of
discontinued
operations,
net of tax



Income from
discontinued
operations


Net income
(loss)

(3,786 )

Less: Net
(income) loss
attributable
to
noncontrollin
g interests

(511 )

Net income
(loss)
attributable
to
stockholders

(4,297 )

Less:
Cumulative
dividends on
preferred
stock

131

Net income
(loss)
attributable
to common
stockholders
$

Earnings
(loss) per
share (Note
28)
Basic

(4,428 )

$

Income
(loss) from
continuing
operations
attributabl
e to
common
stockholde
rs
$
Income
from
discontinu
ed
operations
attributabl
e to
common
stockholde
rs

Net
income
(loss)
attributabl
e to
common
stockholde
rs

(10.73 )

$



$

Weightedaverage
common
shares
outstandin
g

(10.73 )

$

413

Diluted

Income
(loss) from
continuing
operations
attributabl
e to
common
stockholde
rs
$
Income
from
discontinu
ed
operations
attributabl
e to
common
stockholde
rs

(10.73 )



$

Net
income
(loss)
attributabl
e to
common
stockholde
rs

$

Weightedaverage
common
shares
outstandin
g
Cash
dividends per
common
share

(10.73 )

$

413

$



$

Amounts
attributable
to common
stockholders
:

Income
(loss) from
continuing
operations,
net of tax
$
Income
from
discontinu
ed
operations,
net of tax

Net
income
(loss)

(4,428 )

$



$

(4,428 )

$

Predecessor
January 1, 2009

Year Ended

Year Ended

Through

December 31, 2008

December 31, 2007

July 9, 2009

46,787

$

147,732

$

177,594

328

1,247

2,390

47,115

148,979

179,984

55,814

149,257

165,573

6,161

14,253

14,412

1,235

6,699

4,308

63,210

170,209

184,293

(16,095 )

(21,230 )

(4,309

1,380

(6,183 )

(1,245

(5,428 )

(2,525 )

(3,076

852

424

2,284

(1,088 )

43







128,155

107,776

(1,166 )

61

109,003

(29,471 )

(6,346

1,766

36,863

186

524

(31,051 )

(42,685





256





4,293





4,549

109,003

(31,051 )

115

108

109,118

(406

(30,943 )



109,118

(38,136

(38,542



$

(30,943 )



$

(38,542

178.63

$



178.63



$



$

611

178.55

(53.47 )

(53.47 )

8.04

$

579

$

(53.47 )



(76.16

(68.12

566

$

(76.16

8.04

178.55

$

611

$

579



$

109,118

$



109,118

(53.47 )

0.5

(30,943 )

566

$

1

$

(43,091



$

(30,943 )

(68.12

4,549

$

(38,542

)

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GENERA
L
MOTORS
COMPAN
Y AND
SUBSIDIA
RIES
CONSOLI
DATED
BALANC
E SHEETS
(In
millions,
except
share
amounts)

Successor

Predecessor

December 31,

December 31,

2009

2008

ASSETS
C...


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This is great! Exactly what I wanted.

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