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 | 2,774.5 | 2,606.1 |
Interest, net | 346.3 | 401.6 |
Earnings before income tax expense and equity in income of affiliates | 2,428.2 | 2,204.5 |
Income tax expense | 721.1 | 771.2 |
After-tax earnings from joint ventures | 96.4 | 101.7 |
Net earnings including noncontrolling interests | 1,803.5 | 1,535.0 |
Net earnings attributable to noncontrolling interests | 5.2 | 4.5 |
Net earnings attributable to General Mills | $ 1,798.3 | $ 1,530.5 |
Balance Sheet ($ millions) |
May 29, 2011 | May 30, 2010 |
---|---|---|
Assets | ||
Cash and cash equivalents | $ 619.6 | $ 673.2 |
Receivables | 1,162.3 | 1,041.6 |
Inventories | 1,609.3 | 1,344.0 |
Deferred income taxes | 27.3 | 42.7 |
Prepaid expenses and other current assets | 483.5 | 378.5 |
Total current assets | 3,902.0 | 3,480.0 |
Land, buildings and equipment | 3,345.9 | 3,127.7 |
Goodwill | 6,750.8 | 6,592.8 |
Other intangible assets | 3,813.3 | 3,715.0 |
Other assets | 862.5 | 763.4 |
Total assets | $ 18,674.5 | $ 17,678.9 |
Liabilities and Equity | ||
Accounts payable | $ 995.1 | $ 849.5 |
Current portion of long-term debt | 1,031.3 | 107.3 |
Notes payable | 311.3 | 1,050.1 |
Other current liabilities | 1,321.5 | 1,762.2 |
Total current liabilities | 3,659.2 | 3,769.1 |
Long-term debt | 5,542.5 | 5,268.5 |
Deferred income taxes | 1,127.4 | 874.6 |
Other liabilities | 1,733.2 | 2,118.7 |
Total liabilities | 12,062.3 | 12,030.9 |
Stockholders' equity | ||
Common stock, 754.6 shares issued, $0.10 par value | 75.5 | 75.5 |
Additional paid-in capital | 1,319.8 | 1,307.1 |
Retained earnings | 9,191.3 | 8,122.4 |
Common stock in treasury, at cost, shares of 109.8 and 98.1 | (3,210.3) | (2,615.2) |
Accumulated other comprehensive loss | (1,010.8) | (1,486.9) |
Total shareholders' equity | 6,365.5 | 5,402.9 |
Noncontrolling interests | 246.7 | 245.1 |
Total equity | 6,612.2 | 5,648.0 |
Total Liabilities and Equity | $ 18,674.5 | $ 17,678.9 |
Forecast General Mill's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). Assume that depreciation and amortization expense is included as part of selling, general and administrative expense ($ millions).
Net sales growth | 4.0% |
Cost of sales/Net sales | 60.0% |
Selling, general and administrative expenses/Net sales | 21.5% |
Divestitures (gain), net | $-- |
Restructuring, impairment, and other exit costs | $-- |
Interest, net | $346.3 |
Income tax expense/Pretax income | 29.7% |
After-tax earnings from joint ventures | $96.4 |
Net earnings attributable to noncontrolling interests/Net earnings before attribution | 0.5% |
Round answers one decimal place.
Do not use negative signs with your answers.
Income Statement, Fiscal Years Ended ($ millions) | 2012 Estimated |
---|---|
Net sales | $Answer
Correct |
Cost of goods sold | Answer
Correct |
Selling, general and administrative expenses | Answer
Correct |
Divestitures (gain), net | Answer
Correct |
Restructuring, impairment, and other exit costs | Answer
Correct |
Operating income | Answer
Correct |
Interest expense | Answer
Correct |
Earnings before income tax expense and equity in income of affiliates | Answer
Correct |
Income tax expense | Answer
Correct |
Equity in income of affiliates | Answer
Correct |
Net earnings including noncontrolling interests | Answer
Correct |
Net earnings attributable to noncontrolling interests | Answer
Correct |
Net earnings attributable to General Mills | $Answer
Correct |
Forecast General Mill's fiscal 2012 balance sheet using the following relations (assume "no change" for accounts not listed). Assume that all capital expenditures are purchases of land, building and equipment, net. ($ millions).
Receivables/Net sales | 7.8% |
Inventories/Net sales | 10.8% |
Deferred income tax/Net sales | 0.2% |
Prepaid expenses and other current assets/Net sales | 3.2% |
Other intangible assets | $0 amortization |
Other Assets/Net sales | 5.8% |
Accounts payable/Net sales | 6.7% |
Other current liabilities/Net sales | 8.9% |
Current portion of long-term debt | $733.6 |
Deferred income taxes/Net sales | 7.6% |
Other liabilities/Net sales | 11.6% |
Noncontrolling interests | * |
Capital expenditures/Net sales | 4.4% |
Depreciation/Prior year net PPE | 20.7% |
Dividends/Net income | 40.6% |
Current maturities of long-term debt in fiscal 2013 | $733.6 |
*increase by net income attributable to noncontrolling interests and assume no dividends |
Round answers one decimal place.
Do not use negative signs with your answers.
Balance Sheet ($ millions) |
2012 Estimated |
---|---|
Assets | |
Cash and cash equivalents | $Answer
Incorrect |
Receivables | Answer
Correct |
Inventories | Answer
Correct |
Deferred income taxes | Answer
Correct |
Prepaid expenses and other | Answer
Correct |
Total current assets | Answer
Incorrect |
Land, buildings, and equipment | Answer
Incorrect |
Goodwill | Answer
Incorrect |
Other intangible assets | Answer
Incorrect |
Other assets | Answer
Correct |
Total assets | $Answer
Incorrect |
Liabilities and equity | |
Accounts payable | $Answer
Correct |
Current portion of long-term debt | Answer
Correct |
Notes payable | Answer
Incorrect |
Other current liabilities | Answer
Correct |
Total current liabilities | Answer
Incorrect |
Total long-term debt | Answer
Incorrect |
Deferred income taxes | Answer
Correct |
Other liabilities | Answer
Correct |
Total liabilities | Answer
Incorrect |
Stockholders equity | |
Common stock | Answer
Incorrect |
Additional paid-in capital | Answer
Incorrect |
Retained earnings | Answer
Incorrect |
Common stock in treasury | Answer
Incorrect |
Accumulated other comprehensive loss | Answer
Incorrect |
Total shareholders' equity | Answer
Incorrect |
Noncontrolling interests | Answer
Incorrect |
Total equity | Answer
Incorrect |
Total liabilities and Equity | $ Answer
Incorrect |
Income Statement, | |
Fiscal Years Ended ($ millions) | May 29-2012 |
Net Sales | $ 15,475.41 |
Cost of sales | $ 9,285.24 |
Selling, general and administrative expenses | $ 3,327.21 |
Divestitures (gain), net | $ (17.40) |
Restructuring, impairment, and other exit costs | $ 4.40 |
Operating income | $ 2,841.15 |
Interest, net | $ 346.30 |
Earnings before income tax expense and equity in income of affiliates | $ 2,494.85 |
Income tax expense | $ 740.97 |
After-tax earnings from joint ventures | $ 96.40 |
Net earnings including noncontrolling interests | $ 1,850.28 |
Net earnings attributable to noncontrolling interests | $ 9.25 |
Net earnings attributable to General Mills | $ 1,841.03 |
Balance Sheet | |
($ millions) | |
Assets | |
Cash and cash equivalents | $707.22 |
Receivables | $ 1,207.08 |
Inventories | $ 1,671.34 |
Deferred income taxes | $ 30.95 |
Prepaid expenses and other current assets | $ 495.21 |
Total current assets | $ 4,111.81 |
Land, buildings and equipment | $ 3,334.22 |
Goodwill | $ 6,750.80 |
Other intangible assets | $ 3,813.30 |
Other assets | $ 897.57 |
Total assets | $ 18,907.70 |
Liabilities and Equity | |
Accounts payable | $ 1,036.85 |
Current portion of long-term debt | $ 733.60 |
Notes payable | $ 311.30 |
Other current liabilities | $ 1,321.50 |
Total current liabilities | $ 3,403.25 |
Long-term debt | $ 4,808.90 |
Deferred income taxes | $ 1,176.13 |
Other liabilities | $ 1,795.15 |
Total liabilities | $ 11,183.43 |
Stockholders' equity | |
Common stock, 754.6 shares issued, $0.10 par value | $ 75.50 |
Additional paid-in capital | $ 1,319.80 |
Retained earnings | $ 10,294.12 |
Common stock in treasury, at cost, shares of 109.8 and 98.1 | $ (3,210.30) |
Accumulated other comprehensive loss | $ (1,010.80) |
Total shareholders' equity | $ 7,468.32 |
Noncontrolling interests | $ 255.95 |
Total equity | $ 7,724.27 |
Total Liabilities and Equity | $ 18,907.70 |
Though utmost care has been taken while answering, but if found anything incorrect, Please get into comments and I shall rectify the same, else please give this a thumbs up. Thanks
Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are th...
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