General Mills Corporation had sales of almost $8 billion in fiscal year 2002 from Betty Crocker, Pillsbury,

Question:

General Mills had sales of almost $8 billion in fiscal year 2002 from Betty Crocker, Pillsbury, Wheaties, Cheerios, Pop Secret popcorn, and other products. The company reported total assets of more than $16.5 billion. Inspect the General Mills’ found in Appendix B at the back of this book.
(a) Does it seem strange to you that such a big company is able to report all of its assets using only nine different accounts? How is this possible?
(b) Why is this done?
(c) Would this level of detail meet the needs of the general manager of the Pillsbury division, or the managers in other divisions of the company? Discuss.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...