Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales Cost of sales Selling general and administrative expenses $14,880.2 $14,635,6 8,926.7 8,835,4 3,192.0 3,162,7 Divestitures (gain), net (17.4) Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2,7745 2,606.1 Interest, net 346.3 401.6 Earnings before income tax expense and equity in income of affiliates 2,428.2 2,204.5 After-tax earnings from joint ventures Income tax expense Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to General Mills 721.1 771.2 96.4 101.7 1,803.5 1,535.0 52 4.5 $1,798.3 $1,530.5 Assets Balance Sheet (5 millions) Cash and cash equivalents Receivables May 29, 2011 May 30, 2010 $619.6 $673.2 1,162.3 1,041.6 Inventories 1,609.3 1,344.0 Deferred income taxes 27.3 42.7 Prepaid expenses and other current assets 483.5 378.5 Total current assets 3,902.0 3,480.0 Land, buildings and equipment 3345.9 3,127.7 Goodwill 6,750.8 6,592.B Other intangible assets 3,813,3 3,715.0 Other assets Total assets 862.5 763.4 $18,674,5 $17,678.9 Liabilities and Equity Accounts payable $995.1 $849.5 Current portion of long-term debt 1,031.3 107.3 Notes payable 311.3 1,050.1 Other current liabilities 1,321.5 1,762.2 Total current liabilities 3,659.2 3,769.1 Long-term debt 5,542.5 5,268.5 Deferred income taxes 1,127,4 874.6 Other liabilities 1,733.2 2,118.7 Total liabilities 12,062.3 12,030.9 Stockholders' equity Common stock, 754.6 shares issued, $0.10 par value 75.5 75.5 Additional paid-in capital 1,319.8 1,307.1 Retained earnings 9,191.3 8,122.4 Common stock in treasury, at cost, shares of 109.8 and 98.1 (3.210.3) (2,615.2) Accumulated other comprehensive loss (1,010.8) (1,486.9) Total shareholders' equity 6,365.5 5,402.9 Noncontrolling interests (246.7) (245.1) Total equity 6,612.2 5,648.0 Total Liabilities and Equity $18,674.5 $ 17,678.9