EYK7-5. c. Accounting Research Problem Refer to the consolidated balance sheets in the fiscal year 2017 annual report of General Mills, Inc. available on this book's website. Required a. What was the amount of cash and cash equivalents as of May 28, 2017? b. By what amount did cash and cash equivalents increase or decrease during the year? What statement elsewhere in the annual report contains an explanation of the increase or decrease in the cash and cash equivalents amount? In that statement, what amount of cash was provided or used by (1) operating activities, (2) investment activities, and (3) financing activities? d. What members of the company signed off as to the assessment of the company's internal con- trol (see Reports of management and Independent Registered Public Accounting Firm)? What firm conducted the audit of General Mills? f. What opinion did the accounting firm express about General Mills' financial statements? 8. In addition to their audit of the financial statements, what else did the auditing firm audit? e. GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 28, 2017 May 29, 2016 s 766.1 1,430.1 1,483.6 381.6 S 763.7 1,360.8 1,413.7 399.0 ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets 4,061.4 3,9372 3.687.7 8,747.2 4.530.4 785.9 3,743.6 8,7412 4,538.6 751.7 Total assets $21,812.6 $21.7123 $ 2,046-5 1,103.4 269.8 1,595.0 S 2.119.8 604.7 1.234.1 1.372.2 5.330.8 7.642.9 1,719.4 1.523.1 5,014.7 7,057.7 1,399.6 2,087.6 16.216.2 15,559.6 LIABILITIES AND 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 Stockholders' equity: Common stock, 754.6 shares issued, S0.10 par value Additional paid-in capital Retained eamings Common stock in treasury, at cost, shares of 177.7 and 157.8 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 910.9 845.6 75.5 1.120.9 13.138.9 (7.762.9) (2.244.5) 75.5 1,177.0 12,616.5 (6,326.6) (2.612.2) 4.327.9 357.6 4,930.2 376.9 4.685.5 5.307.1 $21.812.6 $21,712.3 EYK7-5. c. Accounting Research Problem Refer to the consolidated balance sheets in the fiscal year 2017 annual report of General Mills, Inc. available on this book's website. Required a. What was the amount of cash and cash equivalents as of May 28, 2017? b. By what amount did cash and cash equivalents increase or decrease during the year? What statement elsewhere in the annual report contains an explanation of the increase or decrease in the cash and cash equivalents amount? In that statement, what amount of cash was provided or used by (1) operating activities, (2) investment activities, and (3) financing activities? d. What members of the company signed off as to the assessment of the company's internal con- trol (see Reports of management and Independent Registered Public Accounting Firm)? What firm conducted the audit of General Mills? f. What opinion did the accounting firm express about General Mills' financial statements? 8. In addition to their audit of the financial statements, what else did the auditing firm audit? e. GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 28, 2017 May 29, 2016 s 766.1 1,430.1 1,483.6 381.6 S 763.7 1,360.8 1,413.7 399.0 ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets 4,061.4 3,9372 3.687.7 8,747.2 4.530.4 785.9 3,743.6 8,7412 4,538.6 751.7 Total assets $21,812.6 $21.7123 $ 2,046-5 1,103.4 269.8 1,595.0 S 2.119.8 604.7 1.234.1 1.372.2 5.330.8 7.642.9 1,719.4 1.523.1 5,014.7 7,057.7 1,399.6 2,087.6 16.216.2 15,559.6 LIABILITIES AND 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 Stockholders' equity: Common stock, 754.6 shares issued, S0.10 par value Additional paid-in capital Retained eamings Common stock in treasury, at cost, shares of 177.7 and 157.8 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 910.9 845.6 75.5 1.120.9 13.138.9 (7.762.9) (2.244.5) 75.5 1,177.0 12,616.5 (6,326.6) (2.612.2) 4.327.9 357.6 4,930.2 376.9 4.685.5 5.307.1 $21.812.6 $21,712.3