1-16. Forecasting the Balance Sheet (L03, 4) Refer to the General Mills, Inc. information in M11-13. Assume the forecast of 2014 net sales is $18,662.8 million. Use the following financial statement relations to forecast General Mills' receivables, inventories, and accounts payable as of the end of May 2014. 2014 Year-end receivables/Net sales Year-end inventories/Net sales. Year-end accounts payable/Net sales 8.1% 8.7% 8.0% M11-13. Forecasting an Income Statement (LO2) General Mills, Inc. reports the following fiscal year income statements. Income Statement, Fiscal Year Ended ($ millions) May 26, 2013 May 27, 2012 May 29, 2011 $17,774.1 11,350.2 3,552.3 $16,657.9 10,613.2 3,380.7 $14,880.2 8,926.7 3,192.0 (17.4) 4.4 19.8 101.6 Net sales. Cost of sales. Selling, general and administrative expenses Divestitures (gain)... Restructuring, impairment, and other exit costs Operating profit Interest, net.. Earnings before income taxes and after-tax earnings from joint ventures 2,851.8 316.9 2,562.4 351.9 2.774.5 346.3 2,534.9 741.2 98.8 2,210.5 709.6 88.2 2,428.2 721.1 96.4 Income taxes 1,589.1 1,803.5 1,892.5 5.2 21.8 After-tax earnings from joint ventures Net earnings, including earnings attributable to redeemable and noncontrolling interests. Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills. 37.3 $ 1,798.3 $ 1,567.3 $ 1,855.2 olling interests) are based on percent of sales. earnings Net sales growth. .... Cost of sales/Net sales ... Selling, general, and administrative expenses/Net sales. Divestiture (gain), net ... Restructuring, impairment, and other exit costs . Interest, net Income taxes (% pretax income).. After-tax earnings from joint ventures Net earnings attributable to noncontrolling interests (% net earnings before attribution). . 5% 63.9% 20.0% $0.0 $0.0 $316.9 29.2% $98.8 2.0%