| OCR Text |
Show REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Board of Directors GENERAL ELECTRIC COMPANY: We have examined the financial statements of General Electric Company and consolidated affiliates and of General Electric Credit Corporation and consolidated affiliates as of and for the five years ended December 31, 1975 as listed in the accompanying "Index to Financial Statements". Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position at December 31, 1975 of General Electric Company and consolidated affiliates and of General Electric Credit Corporation and consolidated affiliates, and the results of their operations and the changes in their financial position for the five years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. PEAT, MARWICK, MITCHELL & Co. New York, New York February 20, 1976 GENERAL ELECTRIC COMPANY AND CONSOLIDATED AFFILIATES STATEMENT OF FINANCIAL POSITION (Amounts in millions) ASSETS June 30, December 31, 1976 1975 (Unaudited) Cash (Note 2)........................................................................................................ $ 752.9 $ 886.4 Marketable securities (Note 2).............................................................................. 100.3 150.8 Current receivables*............................................................................................... 2,597.4 2,649.3 Inventories* (Note 3)............................................................................................ 2,114.9 2,282.9 Total current assets.................................................................. 5,565.5 5,969.4 Investments* (Note 4)........................................................................................... 1,050.1 1,009.3 Plant and equipment at cost less accumulated depreciation*............................... 2,562.4 2,495.8 Other assets* (Note 5)........................................................................................... 585.5 669.4 Total assets............................................................................... $9,763.5 $10,143.9 LIABILITIES AND EQUITY Short-term borrowings* (Note 6)......................................................................... $ 650.3 $ 612.1 Accounts payable*.................................................................................................. 738.3 623.5 Progress collections and price adjustments accrued.............................................. 1,070.4 1,101.0 Dividends payable.................................................................................................. 73.5 73.9 Taxes accrued......................................................................................................... 329.3 326.9 Other costs and expenses accrued*........................................................................ 1,101.6 1,367.7 Total current liabilities............................................................. 3,963.4 4,105.1 Long-term borrowings* (Note 7)......................................................................... 1,038.2 1,032.8 Other liabilities....................................................................................................... 609.1 667.5 Total liabilities......................................................................... 5,610.7 5,805.4 Minority interest in equity of consolidated affiliates............................................. 83.6 85.7 Preferred stock ($1 par value; 2,000,000 shares authorized; none issued).......... Common stock ($2.50 par value; 210,000,000 shares authorized; 187,720,384 shares issued 1975; 188,216,164 issued 1976) (Notes 8 and 12)..................... 469.3 470.5 Amounts received for stock in excess of par value................................................ 482.7 506.8 Retained earnings (Note 9)................................................................................... 3,288.2 3,456.8 4,240.2 4,434.1 Deduct common stock held in treasury (Note 8).................................. (171.0) (181.3) Total share owners' equity....................................................... 4,069.2 4,252.8 Total liabilities and equity....................................................... $9,763.5 $10,143.9 Commitments and contingent liabilities (Note 10). * Details shown on the following pages. See notes to financial statements. F-2 F-3 ? |
