"Each of the three segments of the balance sheet will have many accounts within it that document the value of each. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt" (Investopedia, Balance sheet, 2013).
Forbes makes the balance sheets of companies available on its website. GM's balance sheet is below:
View: Annual Data | Quarterly Data
All numbers in thousands
PERIOD ENDING
09/2012
06/2012
03/2012
12/2011
Balance Sheet - Assets
Cash and Equivalents
23,320,000
22,184,000
17,378,000
15,499,000
Restricted Cash
863,000
734,000
924,000
206,000
Marketable Securities
10,411,000
11,381,000
14,686,000
16,148,000
Accounts Receivable
13,015,000
11,117,000
12,485,000
9,949,000
Other Receivable
3,744,000
3,478,000
3,314,000
Receivables
16,759,000
14,595,000
15,799,000
9,949,000
Raw Materials
7,241,000
7,112,000
6,745,000
Work in Progress
6,486,000
Finished Goods
8,431,000
8,321,000
9,099,000
7,838,000
Inventories
15,672,000
15,433,000
15,844,000
14,324,000
Current Deferred Income Taxes
2,110,000
2,087,000
1,985,000
1,657,000
Other Current Assets
2,972,000
3,819,000
2,600,000
2,464,000
Total Current Assets
72,107,000
70,233,000
69,216,000
60,247,000
Land & Improvements
2,496,000
Building & Improvements
4,670,000
Machinery, Furniture & Equipment
17,324,000
Construction in Progress
3,068,000
Other Fixed Assets
26,578,000
25,026,000
24,275,000
Total Fixed Assets
26,578,000
25,026,000
24,275,000
27,558,000
Gross Fixed Assets (Plant, Prop. & Equip.)
26,578,000
25,026,000
24,275,000
27,558,000
Accumulated Depreciation & Depletion
4,601,000
Net Fixed Assets (Net PP&E)
26,578,000
25,026,000
24,275,000
22,957,000
Intangibles
8,904,000
9,192,000
9,687,000
10,013,000
Cost in Excess
28,408,000
28,405,000
28,433,000
29,019,000
Non-Current Deferred Income Taxes
2,778,000
3,151,000
3,411,000
2,900,000
Other Non-Current Assets
16,681,000
15,980,000
15,172,000
19,467,000
Total Non-Current Assets
83,349,000
81,754,000
80,978,000
84,356,000
Total Assets
155,456,000
151,987,000
150,194,000
144,603,000
Balance Sheet - Liabilities, Stockholders Equity
Accounts Payable
26,313,000
26,425,000
27,576,000
24,494,000
Short-Term Debt
6,278,000
5,092,000
5,350,000
1,682,000
Accrued Liabilities
25,032,000
25,134,000
23,651,000
22,756,000
Total Current Liabilities
57,623,000
56,651,000
56,577,000
48,932,000
Long-Term Debt
10,375,000
9,701,000
8,874,000
11,650,000
Deferred Income Taxes
12,757,000
12,735,000
12,754,000
12,336,000
Other Non-Current Liabilities
32,072,000
31,290,000
31,849,000
32,694,000
Minority Interest
970,000
910,000
884,000
871,000
Total Non-Current Liabilities
56,174,000
54,636,000
54,361,000
57,551,000
Total Liabilities
113,797,000
111,287,000
110,938,000
106,483,000
Preferred Stock Equity
10,391,000
10,391,000
10,391,000
10,391,000
Common Stock Equity
31,268,000
30,309,000
28,865,000
27,729,000
Common Par
16,000
16,000
16,000
16,000
Additional Paid in Capital
26,443,000
26,399,000
26,334,000
26,391,000
Retained Earnings
11,533,000
9,889,000
8,283,000
7,183,000
Other Equity Adjustments
(6,724,000)
(5,995,000)
(5,768,000)
(5,861,000)
Total Capitalization
52,034,000
50,401,000
48,130,000
49,770,000
Total Equity
41,659,000
40,700,000
39,256,000
38,120,000
Total Liabilities & Stock Equity
155,456,000
151,987,000
150,194,000
144,603,000
Cash Flow
12,342,000
12,592,000
13,270,000
15,129,000
Working Capital
14,484,000
13,582,000
12,639,000
11,315,000
Free Cash Flow
8,292,000
1,370,000
2,034,000
11,181,000
Invested Capital
52,034,000
50,401,000
48,130,000
49,770,000
* = Data not available
(Forbes, General Motors balance sheet, 2013).
Examining GM's balance sheet, several features stand out. First, GM has experienced a steady increase in assets over the last several reporting periods. Likewise, it has a significantly greater free cash flow than it had the previous two reporting periods. It has been able to continue to invest capital in the company. Finally, its equity has continued to grow over the last few reporting periods.
Toyota's balance sheet, also prepared by Forbes to aid in comparison across dimensions, is featured below:
View: Annual Data | Quarterly Data
All numbers in thousands
PERIOD ENDING
12/2012
09/2012
06/2012
03/2012
Balance Sheet - Assets
Cash and Equivalents
14,438,633
22,842,840
22,605,351
21,380,411
Marketable Securities
17,772,675
16,549,447
15,726,494
14,351,661
Accounts Receivable
18,236,608
21,813,251
22,190,099
24,300,710
Loans Receivable
54,954,449
53,746,465
51,686,652
50,001,786
Other Receivable
3,937,766
4,247,956
3,943,188
4,964,420
Receivables
77,128,825
79,807,673
77,819,939
79,266,917
Raw Materials
5,099,143
Work in Progress
2,685,898
Finished Goods
11,927,966
Other Inventories
18,885,108
20,141,323
20,376,024
Inventories
18,885,108
20,141,323
20,376,024
19,713,008
Prepaid Expenses
6,354,201
5,850,938
6,352,199
6,274,718
Current Deferred Income Taxes
7,929,450
8,552,943
8,863,616
8,733,057
Total Current Assets
142,508,895
153,745,167
151,743,627
149,719,776
Land & Improvements
14,818,434
15,913,187
15,529,540
15,107,369
Building & Improvements
43,617,269
46,918,239
45,561,549
44,485,229
Machinery, Furniture & Equipment
141,035,142
147,029,048
143,538,952
141,803,900
Construction in Progress
3,195,749
3,395,385
3,213,335
3,345,974
Total Fixed Assets
202,666,596
213,255,861
207,843,376
204,742,475
Gross Fixed Assets (Plant, Prop. & Equip.)
202,666,596
213,255,861
207,843,376
204,742,475
Accumulated Depreciation & Depletion
128,220,451
135,696,593
131,818,874
128,973,838
Net Fixed Assets (Net PP&E)
74,446,144
77,559,267
76,024,501
75,768,637
Other Non-Current Assets
157,031,347
155,593,791
148,592,004
146,963,922
Total Non-Current Assets
231,477,491
233,153,059
224,616,505
222,732,559
Total Assets
373,986,387
386,898,226
376,360,132
372,452,336
Balance Sheet - Liabilities, Stockholders Equity
Accounts Payable
26,771,923
31,545,411
32,858,378
34,894,902
Short-Term Debt
75,284,748
75,199,010
74,462,689
72,462,105
Accrued Liabilities
21,437,591
22,739,550
22,820,917
22,219,126
Other Current Liabilities
14,688,155
14,983,997
14,032,974
13,586,560
Total Current Liabilities
138,182,419
144,467,969
144,174,959
143,162,695
Long-Term Debt
74,706,516
75,511,452
72,505,940
73,422,164
Deferred Income Taxes
11,981,156
11,208,830
10,956,748
11,044,206
Other Non-Current Liabilities
11,696,756
10,912,107
10,514,776
10,349,996
Minority Interest
6,444,997
6,765,796
6,483,707
6,272,762
Total Non-Current Liabilities
104,829,427
104,398,187
100,461,173
101,089,130
Total Liabilities
243,011,846
248,866,156
244,636,132
244,251,825
Common Stock Equity
130,974,540
138,032,069
131,724,000
128,200,510
Common Par
4,824,715
Additional Paid in Capital
11,031,299
12,177,172
11,897,831
6,691,172
Retained Earnings
143,923,999
159,001,760
151,803,697
144,809,210
Treasury Stock
(13,205,272)
(14,597,570)
(14,233,500)
(13,800,109)
Other Equity Adjustments
(10,775,486)
(18,549,293)
(17,744,028)
(14,324,479)
Total Capitalization
205,681,057
213,543,521
204,229,941
201,622,674
Total Equity
130,974,540
138,032,069
131,724,000
128,200,510
Total Liabilities & Stock Equity
373,986,387
386,898,226
376,360,132
372,452,336
Cash Flow
21,578,061
22,142,188
20,043,145
16,421,277
Working Capital
4,326,476
9,277,197
7,568,667
6,557,081
Free Cash Flow
2,484,342
3,881,940
2,113,598
(2,872,981)
Invested Capital
205,681,057
213,543,521
204,229,941
201,622,674
* = Data not available
(Forbes, Toyota balance sheet, 2013).
Examining Toyota's balance sheet, several features stand out. First, Toyota appears to have experienced a steady decline in assets over the last several reporting periods. However, its free cash flow is much higher than it was in the initial reporting period. It has been able to continue to invest...
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