Question

Analyzing. Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement, Fiscal Years Ended (in s millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $16.657.9 $14.380 2 Cost of Sales 11.350.2 10.613.2 892 Selling general and administrative expenses 3.5523 3.380.7 2. 1920 Divestitures (gain) Restructuring impairment, and other exit costs 101.6 Operating profit 2851.8 2562.4 27745 net 351.9 Earnings before income taxes and after tax earnings from joint ventures 2.210.5 709.5 882 15391 13035 Mercax earnings from joint ventures earnings including earnings attributable to redeemable and noncontrolling interests attributable to redeemable and noncontrolling interests ng attributable to General Mills 21.8 $1.567.3 $ 1.855 2 51.798.3

Answer 1

316.9 @ Estimated Income statment for 2014 is calculated belowi cin $'million) particular I Working 2014 (6) Net sale $ 17,774.10X1.05 18662.81 cost of sale 63.9% of sale H9253 11925.54 Selling general and 20% of sale 3,732.56 administrative expenser Divestitures (gain) het Reconstruction, impairement and other estit cost threst bet operating profit 3004.7 Interest net 316.96 Earning before Income 2687.81 taxes and after tax Learnings from joint-ventures less Income tax 784.84 After tax earning Bom Joint Venture 98.80 Met Earnings including eaming attributable to 2001.77 non-cobolling interest Met earning atbibutable to non-controlling interest Net earnings attabutable to 1961.73 General mills 29.2.1 40.04

@ Estimated balance sheet for 2014 is calculated below. (in million) Working Assets Mo change cash and cash 7 41.40 equivalents Receivable 81% or sole 1511.69 Inventaries 8.7% of sale 11.623-66 Detteord Income tax 0.7%ct sale 130.64 Prepaid expenses 2.51. ct sale 74 66.57 Total current Assets 34473.96 land, Building and (653.20 - 624.37) 28.83. equipments Good will 8622.2 other intangible 5015.10 Assets other Assets 4.7% of sale 877.15 Total Assets 19017.24 ulability and equity Accounts payable 1493.02 cament portion of 1181.90 long term debt s196.89 Notes payable 599. 7 other carrent liability 10.3% 1922.27 Total current liabilities Total long trim debt 5926-1 peferred Income taxes 7.8 % 1955.70 other liabilittes 2052.91 rutal liabilities 117,153.57 Redeemable interest 967.50 stock holde, Equity 75.5 comings stock 1166.6 Additional capital, Retained Earning 117,462 common stock in freagasy/ (3687.2) lother comprehensive (1585.3) lass ritert Stock holder Equity 18683.34 Non conbolling interest 40.04 Total equiry 18723.38 Total liabilities and Equity 125876.95