Question

Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835,4 Selling general and administrative expenses 3.192.0 3,162.7 Divestitures (gain), net (17.4) Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2.606.1 Interest, net 401.6 Earnings before income tax expense and equity in income of affiliates 2.428.2 2.204.5 Income tax expense 721.1 7712 After-tax earnings from joint ventures 96.4 101.7 Net earnings including noncontrolling interests 1,535.0 Net earnings attributable to noncontrolling interests S 5.2 4.5 Net earnings attributable to General Mills $1,798.3 51.530.5 2.774.5 346.3 23 May 29, 2011 May 30, 2010 Balance Sheet ($ millions) Assets Cash and cash equivalents $ 619.6 5673.2

Answer 1

Balance Sheet ($ millions)		2012 Estimated
Assets
Cash & Cash Equivalents		4921.1473
Receivables	=$15475.4*7.8%	1207.0812
Inventories	=$15475.4*10.8%	1671.3432
Deferred income taxes	=$15475.4*0.2%	30.9508
prepaid expenses and others currents assets	=$15475.4*3.2%	495.2128
Total Current Assets		3404.588
land, building and equipment		3334.2187
Goodwill		6750.8
other intangible assets		3813.3
Other assets	=$15475.4*5.8%	897.5732
Total Assets		14795.8919
Liabilities and Equity
Accounts Payable	=$15475.4*6.7%	1036.8518
Current portion of long term debts		733.6
Notes Payable		311.3
Other Current liabilities	=$15475.4*8.9%	1377.3106
Total Current liabilities		3459.0624
Total long-term debt	=5542.5-733.6	4808.9
Deferred income taxes	=$15475.4*7.6%	1176.1304
Other liabilities	=$15475.4*11.6%	1795.1464
Total liabilities		11239.2392
Stockholder's Equity
Common Stock		75.5
Additional paid-in Capital		1319.8
Retained Earning	=9191.3+1856.3	11047.6
Common Stock in treasury		-3210.3
Accumulated other comprehensive loss		-1010.8
Total Shareholder's equity		8221.8
Non-controlling interests	=246.7+9.3	256
Total Equity		8477.8
Total liabilities and Equity		19717.0392