Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

image text in transcribed

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 (5 millions). Cost of goods sold (COGS) 510,3129 Cash from operating activities $2.341.0 Cash from investing activities 18.685.4 Noncash assets, end of year 30.225.0 Cash, end of year 399.0 Cash from financing activities 5.477.3 Income tax expense 57.3 Total assets, beginning of year 21,812.6 Revenue 15,740.4 Total liabilities, and of year 24.131.6 Total expenses, other than COGS 3.207.2 Stockholders' equity, and of year 6.492.4 and income tax * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable interest. a. Prepare the income statement for the year ended May 27, 2018 Note: Do not use negative signs with any of your answers. General Mills Income Statement (5 millions) For the year ended May 27, 2016 a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. General Mills Income Statement ($ millions) For the year ended May 27, 2018 $ 5 b. Prepare the balance sheet as of May 27, 2018, General Mills Balance Sheet($ millions) May 27, 2018 $ $ e S 5 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 Cash from investing activities Cash from financing activities $ 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 PM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions