Reading General Mills’s Balance Sheet Refer to General Mills’s balance sheet reproduced at the back of the book to answer the following questions.

Required 1. Which is the largest of General Mills’s current assets on May 31, 2009? What percentage of total current assets does it represent? Explain what this asset represents and why it is such a signifi cant asset for a company such as General Mills.

2. Which is the second largest of General Mills’s current assets on May 31, 2009?

What percentage of total current assets does it represent? Is it favorable or unfavorable that this is such a signifi cant asset? Explain your answer.

3. Explain what events would cause each of those accounts to both increase and decrease during the year.

AppendixLO1