Analyzing, Forecasting, and Interpreting Income Statement and Balance Sheet Following are the income statement and balance sheet of General Mills, Inc. Income Statement. Fiscal Years Ended (in S millions) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $17.774.1 $ 16.657.9 $ 14.890.2 Cost of Sales 11.350.2 10.613.2 8.926.7 Selling general and administrative expenses 3.552.3 3,3807 3.192.0 Divestitures (gain) (17.4) Restructuring impairment and other exit costs 19.8 101.6 Operating profit 2.851.8 2.562.4 2.774.5 Interest.net 316.9 351.9 346.3 Earnings before income taxes and after tax earnings from joint ventures 2.534.9 2.210.5 2.428.2 Income taxes 741.2 709.6 721.1 After-tax earnings from joint ventures 98.8 882 96.4 Net earnings including earnings attributable to redeemable and noncontrolling Interests 1.892.5 1.599.1 1.803.5 Net earnings attributable to redeemable and noncontrolling interests 37.3 21.8 52 Net earnings attributable to General Mills $ 1.855.2 5 1.567.3 $ 1.798.3 May 26, 2013 May 27, 2012 Balance Sheet (in millions except per share data) Assets Current assets Cash and cash equivalents Receivables Inventories Deferred income taxes Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest $741.4 1,446.4 1.545.5 128.0 437.6 4,298.9 3,878.1 8.622.2 5,015.1 843.7 $ 22,658.0 $ 471.2 1.323.6 1,478.8 59.7 358.1 3,691,4 3.652.7 8,182.5 4.704.9 865.3 $ 21,096.8 51,423.2 1,443.3 599.7 1.827.7 5,293.9 5.9261 1.389.1 1.952.9 14,562.0 5 1.148.9 741.2 526.5 1.426.6 3.843.2 6,161.9 1.171.4 2.189.8 13.366.3 847.8 967.5 1.9529 14.562.0 957.5 2.189.8 12.366.3 75.5 Other abilities Total abilities Redeemable interest Stockholders equity Common stock 7546 shares issued, 50,10 par value Additional paid in capital Retained earnings Common stock in treasury, a cost shares of 113.8 and 106.1 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total Equity Total abilities and shareholders equity 1.366,0 10.702,6 (3.67.21 11.585.3) 6,672.2 (4563) 71285 522,658.0 75.5 1.308.4 9.9585 13.177.0) (1.743.72 6.421.7 461.00 6.382.7 $ 21.096.8 Forecast General Mill's fiscal 2014 income statement using the following relations (assume "no change for accounts not listed). Assume that depreciation and amortization expense is included as part of selling general and administrative expense is millions). Net sales growth 3.0 Cost of sale/fet sales 63.94 Seling general and administrative des Net Sales 20.0 Divestrea.net $ Restructuring impairment, and other exit costs Interest.net 53160 Income tax expense/Pretax income 29.24 After-tax amnings from joint ventures $98.5 Net earnings attributable to no controlling interests/wet earnings before attribution 2.04 Round answers to one decimal place. . Do not use negative signs with your answers. $ Income Statement, Fiscal Years Ended (5 millions) Net sales Cost of sales Selling general and administrative expenses Divestitures (gain), net Restructuring Impairment and other exit costs Operating profit Interest. net Earnings before income taxes and after-tax earnings from joint ventures Income taxes After-tax earnings from joint ventures Net earnings, including earnings attributable to noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to General Mills 2014 Estimated 18662.8 11925.5 3732.6 0 0 3004.7 316.9 2687.8 784.8 98.8 2001.8 40 $ 1961.8 4.2 Forecast General Mill's fiscal 2014 balance sheet using the following relations (assume no change" for accounts not listed). Assume that all capital expenditures are purchases of land, building and equipment, net (5 millions), Receivables/vet sales Inventories/Net sales Deferred income taxet sales 0.74 Prepaid expenses and other current assets/Wet sales 2.54 Other intangible assets 50 amortization Other sets/Net als Accounts payable/Net sales 3.0 Other currenties 10.3 Current portion of long-term debt 51,101.9 Deferred income taxes et sales 7.34 Other liabilities/er sales Capital expenditures et Sales 3.54 Depreciation Prior year net PPE 16.1 Dividends/Net earnings attributable to General Mills 11.0 46.8M Round answers to one decimal place. Use a negative sign with your Treasury stock. Accumulated other comprehensive loss and Noncontrolling interests answers, Balance Sheet 2014 ($ millions) Estimated Assets Cash and cash equivalents $ Receivables 1511.7 Inventories 1623.7 Deferred income taxes 1306 Prepaid expenses and other 466.6 Total current assets OX Land, buildings, and equipment 39069 Goodwill 86222 Other intangible assets 5015.1 Other assets 877.2 Total assets 5 ON Uabilities and equity Accounts payable 1493 Current portion of long-term debt 1181.9 Notes payable 599.7 Other current liabilities 1922) Total current liabilities OX Total long term debit OX Deferred income taxes 14557 Other abilities 20520 0X $ 1493 1181.9 599.7 1922.3 OX OX 1455.7 2052.9 OX Total assets $ Liabilities and equity Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Total long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders equity Common stock Additional paid.in capital Retained earnings Common stock in treasury Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and Equity $ 967.5 75.5 1166.6 11746.3 -3687.2 -1585.3 OX x OX