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Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial information from General Mills Inc. for its fiscal year ended May
Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial information from General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of goods sold (COGS) Cash from investing activities Cash, end of year $8,250.3 Cash from operating activities (6,948.3) Noncash assets, end of year $2,272.8 24,180.0 319.2 Cash from financing activities* 45.8 Total assets, beginning of year 12,592.3 Total liabilities, end of year** 4,381.8 17,450.1 Income tax expense Revenue 19,305.3 Total expenses, other than COGS 2,565.8 Stockholders' equity, end of year 5,193.9 and income tax * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable interest. a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. General Mills Income Statement ($ millions) For the year ended May 27, 2018 = $ = $ b. Prepare the balance sheet as of May 27, 2018. General Mills Balance Sheet ($ millions) May 27, 2018 $ 0 $ 0 0 $ 0 0 $ = 0 c. Prepare the statement of cash flows for the year ended May 27, 2018. Note: Use a negative sign with your answer to indicate cash was used by activities and/or a decrease in cash. General Mills Statement of Cash Flow ($ millions) For the year ended May 27, 2018 $ 0 Cash from investing activities 0 Cash from financing activities 0 0 = 0 $ 0 d. Compute ROA. e. Compute profit margin (PM). f. Compute asset turnover (AT). Notes: Round ROA and PM to one decimal place (ex: 10.5%) Round Asset turnover to two decimal places (0.33) ROA 0% PM 0% AT 0
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