a. General Mills, Inc., the large manufacturer of packaged foods, reported the following in its annual report for the year ending May 29, 2011 (in millions):

Short-term borrowing ……………………………..    $1,342.6

Long-term debt ……………………………………          5,542.5

Stockholders' equity ……………………………….      6,616 .2

The short-term borrowing and long-term debt are carried on the balance sheet at approximately their market value. The firm's 644.8 million shares traded at $36.50 per share when the annual report was released. From these numbers, calculate General Mills's enterprise market value (the market value of the firm).

b. Hewlett-Packard, the computer equipment manufacturer and systems consultant, had 2,126 million shares outstanding in May 2011, trading at $41 per share. Its most recent quarterly report listed the following (in millions):

Investments in interest-bearing debt

securities and deposits ………………………………        $12,700

Short-term borrowings ……………………………….           8.406

Long-term debt ………………………………………              14,512

Stockholders' equity …………………………………            41,795

Calculate the enterprise market value of Hewlett-Packard. The question requires you to consider the treatment of the interest-bearing debt investments. Are they part of the enterprise?