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	$ 14,880.2	$ 14,635.6
Cost of sales	8,926.7	8,835.4
Selling, general and administrative expenses	3,192.0	3,162.7
Divestitures (gain), net	(17.4)	--
Restructuring, impairment, and other exit costs	4.4	31.4
Operating income	2,774.5	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
Income tax expense	721.1	771.2
After-tax earnings from joint ventures	96.4	101.7
Net earnings including noncontrolling interests	1,803.5	1,535.0
Net earnings attributable to noncontrolling interests	5.2	4.5
Net earnings attributable to General Mills	$ 1,798.3	$ 1,530.5

Balance Sheet ($ millions)	May 29, 2011	May 30, 2010
Assets
Cash and cash equivalents	$ 619.6	$ 673.2
Receivables	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	3,345.9	3,127.7
Goodwill	6,750.8	6,592.8
Other intangible assets	3,813.3	3,715.0
Other assets	862.5	763.4
Total assets	$ 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

Forecast General Mill's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed).

Net sales growth	3.0%
Cost of sales/Net sales	60.0%
Selling, general and administrative expenses/Net sales	21.5%
Divestitures (gain), net	$--
Restructuring, impairment, and other exit costs	$--
Interest, net	$346.3
Income tax expense/Pretax income	29.7%
After-tax earnings from joint ventures	$96.4
Net earnings attributable to noncontrolling interests/Net earnings before attribution	0.5%

• Round all answers to one decimal place.

• Do not use negative signs with your answers.

Income Statement, Fiscal Years Ended ($ millions)	2012 Estimated
Net sales	Answer
Cost of goods sold	Answer
Selling, general and administrative expenses	Answer
Divestitures (gain), net	Answer
Restructuring, impairment, and other exit costs	Answer
Operating income	Answer
Interest expense	Answer
Earnings before income tax expense and equity in income of affiliates	Answer
Income tax expense	Answer
Equity in income of affiliates	Answer
Net earnings including noncontrolling interests	Answer
Net earnings attributable to noncontrolling interests	Answer
Net earnings attributable to General Mills