Question

Assume the following is selected financial information from General Mills, Inc., for its fiscal year ended...

Assume the following is selected financial information from General Mills, Inc., for its fiscal year ended May 25, 2014 ($ millions):

Cash and Cash Equivalents $1,239.2
Net Cash from Operations 3,082.8
Sales 29,760.4
Stockholders' Equity 11,224.4
Cost of Goods Sold 17,853.4
Net Cash from Financing (1,730.6)
Total Liabilities 26,124.6
Other Expenses, including income taxes 8,300.0
Noncash Assets 36,109.8
Net Cash from Investing (1,430.2)
Net Income 3,607.0
Effect of exchange rate changes on cash (29.2)
Cash, beginning year 1,346.4


Required
a. Prepare an income statement, balance sheet, and statement of cash flows for General Mills, Inc.

Note: Use negative signs with your answers for the statement of cash flows, when appropriate.

GENERAL MILLS, INC.
INCOME STATEMENT
For Year Ended May 25, 2014
($ millions)
Sales
Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold
Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold
Other Expenses, including income taxes
Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold
GENERAL MILLS, INC.
BALANCE SHEET
May 25, 2014
($ millions)
Cash and Cash Equivalents Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold
Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold Net cash from operationsStockholders' equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold
Total Assets Total Liabilities and Equity
GENERAL MILLS, INC.
STATEMENT OF CASH FLOWS
For Year Ended May 25, 2014
($ millions)
Net cash flows from operationsStockholders' equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold
Net cash flows from operationsStockholders' equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold
Net cash flows from operationsStockholders' equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold
Effect of exchange rates on cash
Net change in cash
Net cash flows from operationsStockholders' equityCash, beginning yearGross profitNet cash flowsfrom financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold
Cash, ending year

b. What portion of the financing is contributed by owners? (Round your answer to one decimal place.)

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