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Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial information from General Mills Inc. for a recent fiscal year ( $
Formulating Financial Statements from Raw Data and Calculating Ratios
Following is selected financial information from General Mills Inc. for a recent fiscal year $ millions
Cost of goods sold COGS $ Cash from operating activities $
Cash for investing activities Noncash assets, end of year
Cash, end of year Cash for financing activities
Income tax expense Total assets, beginning of year
Revenue Total liabilities, end of year
Total expenses, other than COGS and income tax Stockholders' equity, end of year
Required
a Prepare the income statement for the year.
General Mills
Income Statement $ millions
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b Prepare the balance sheet at the end of the year.
General Mills
Balance Sheet $ millions
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c Prepare the statement of cash flows for the year. Note: Use negative signs with answers to indicate a decrease in cash.
General Mills
Statement of Cash Flow $ millions
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d Compute the following ratios. Note: Round any intermediate calculations to one decimal place.
Numerator Denominator Result
Return on assets ROA Answer
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Profit margin PM Answer
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Asset turnover AT Answer
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