Homework Answers
(a)
| General Mills, Inc. | |
| Income Statement ($ in millions) | |
| For Year Ended May 26, 2013 | |
| Revenue | $17774.1 |
| Cost of goods sold | 11350.2 |
| Gross profit | 6423.9 |
| Expenses | 4568.7 |
| Net income | $1855.2 |
(b)
| General Mills, Inc. | |||
| Balance Sheet ($ in millions) | |||
| May 26, 2013 | |||
| Assets | Liabilities | ||
| Cash | $741.4 | Total liabilities | $14562.0 |
| Non cash assets | 21916.6 | Stockholders' equity | 8096.0 |
| Total assets | $22658 | Total liabilities and equity | $22658 |
(c)
| General Mills, Inc. | |
| Statement of Cash Flows ($ in millions) | |
| For Year Ended May 26, 2013 | |
| Cash flow from operating activities | $2926.0 |
| Cash from investing activities | -1515.4 |
| Cash from financing activities | -1140.4 |
| Net change in cash (2926.0-1515.4-1140.4) | $270.2 |
| Add: Cash, beginning year | 471.2 |
| Cash, ending year | $741.4 |
(b) Negative amount for cash flow from financing activities indicates that the company has paid its long term debts which will a good sign for the company as its long term liabilities will reduced.
So, the answer is option D) A negative amount for cash from financing activities reflects the reduction of long term debt, which is a positive sign of the company's ability to retire debt obligations.
(c) Profit margin= Net income*100/Sales
= $1855.2*100/17774.1= 10.44%
Asset turnover= Sales/Total assets
= $17774.1/22658= 0.78
Return on assets= Net income*100/Total assets
= $1855.2*100/22658= 8.19%
Return on equity= Net income*100/Shareholders' equity
= $1855.2*100/8096.0= 22.92%
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