Task: Please examine the current and contingent liabilities of GM and answer the below questions:
General Motors https://www.gm.com/corporate/investor_information/sec/ (sort filings by "annual filings" and select the Feb. 28, 2008 10-K).
What is the company's current ratio and acid-test ratio? What does this mean?
Discuss at least 1 aspect of current liabilities, i.e. notes payable, accounts payable, employee-related liabilities, income taxes payable. GAAP requires full disclosure relating to all current liabilities. Please use the related disclosure in your discussion.
Identify and discuss at least 1 contingent liability. You will also find applicable disclosures for all contingent liabilities.