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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 $ millions) Net Sales Cost of Sales May 26, 2013 May 27, 2012 May 29, 2011 $ 17,774.1 $ 16,657.9 $ 14,880.2 11,350.2 10,613.2 8,926.7 3,552.3 3,380.7 3,192.0 (17.4) 19.8 101.6 4.4 Selling, general and administrative expenses Divestitures (gain) Restructuring, impairment, and other exit costs 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 98.8 88.2 96.4 1,892.5 1,589.1 1,803.5 After-tax earnings from joint ventures Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills 37.3 21.8 5.2 $ 1,855.2 $ 1,567.3 $ 1,798.3 Current assets Cash and cash equivalents Receivables $ 471.2 $ 741.4 1,446.4 1,545.5 128.0 Inventories 1,323.6 1,478.8 59.7 437.6 358.1 4,298.9 3,878.1 3,691.4 3,652.7 8,182.5 8,622.2 4,704.9 5,015.1 843.7 $ 22,658.0 865.3 $ 21,096.8 $ 1,423.2 $ 1,148.9 741.2 1,443.3 599.7 526.5 1,426.6 1,827.7 5,293.9 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 Stockholders' equity Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 113.8 and 106.1 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total Equity Total liabilities and shareholders' equity 5,926.1 1,389.1 3,843.2 6,161.9 1,171.4 2,189.8 13,366.3 1,952.9 14,562.0 967.5 847.8 75.5 75.5 1,166.6 10,702.6 (3,687.2) (1,585.3) 6,672.2 (456.3) 7,128.5 $ 22,658.0 1,308.4 9,958.5 (3,177.0) (1,743.7) 6,421.7 (461.0) 6,882.7 $ 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 ($ millions). Net sales growth 5.0% Cost of sales/Net sales 63.9% Selling, general and administrative expenses/Net sales 20.0% Divestitures (gain), net $-- Restructuring, impairment, and other exit costs Interest, net $316.9 Income tax expense/Pretax income 29.2% After-tax earnings from joint ventures $98.8 Net earnings attributable to noncontrolling interests/Net earnings before attribution 2.0% Round answers to one decimal place. Do not use negative signs with your answers. 2014 Estimated Income Statement, Fiscal Years Ended ($ millions) Net sales $ 18,663 * Cost of sales 0 x 0 X O Selling, general and administrative expenses Divestitures (gain), net Restructuring, impairment, and other exit costs Operating profit 0 0 x Interest. net 0 x OX 0 x 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 0 x 0 x $ 0 x Estimated ($ millions) Assets Cash and cash equivalents Receivables $ 0 x OX Inventories 0 x Deferred income taxes OX Prepaid expenses and other OX Total current assets 0 x 0 x Land, buildings, and equipment Goodwill Other intangible assets 0 x OX Other assets OX Total assets $ 0 x $ OX Liabilities and equity Accounts payable Current portion of long-term debt Notes payable Other current liabilities 0 x OX 0 x Total current liabilities 0 x Total long-term debt 0 X Deferred income taxes OX 0 x 0 x 0 x 0 x 0 x 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 0 x OX 0 x 0 x 0 x $ 0 x 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 $ millions) Net Sales Cost of Sales May 26, 2013 May 27, 2012 May 29, 2011 $ 17,774.1 $ 16,657.9 $ 14,880.2 11,350.2 10,613.2 8,926.7 3,552.3 3,380.7 3,192.0 (17.4) 19.8 101.6 4.4 Selling, general and administrative expenses Divestitures (gain) Restructuring, impairment, and other exit costs 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 98.8 88.2 96.4 1,892.5 1,589.1 1,803.5 After-tax earnings from joint ventures Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills 37.3 21.8 5.2 $ 1,855.2 $ 1,567.3 $ 1,798.3 Current assets Cash and cash equivalents Receivables $ 471.2 $ 741.4 1,446.4 1,545.5 128.0 Inventories 1,323.6 1,478.8 59.7 437.6 358.1 4,298.9 3,878.1 3,691.4 3,652.7 8,182.5 8,622.2 4,704.9 5,015.1 843.7 $ 22,658.0 865.3 $ 21,096.8 $ 1,423.2 $ 1,148.9 741.2 1,443.3 599.7 526.5 1,426.6 1,827.7 5,293.9 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 Stockholders' equity Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 113.8 and 106.1 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total Equity Total liabilities and shareholders' equity 5,926.1 1,389.1 3,843.2 6,161.9 1,171.4 2,189.8 13,366.3 1,952.9 14,562.0 967.5 847.8 75.5 75.5 1,166.6 10,702.6 (3,687.2) (1,585.3) 6,672.2 (456.3) 7,128.5 $ 22,658.0 1,308.4 9,958.5 (3,177.0) (1,743.7) 6,421.7 (461.0) 6,882.7 $ 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 ($ millions). Net sales growth 5.0% Cost of sales/Net sales 63.9% Selling, general and administrative expenses/Net sales 20.0% Divestitures (gain), net $-- Restructuring, impairment, and other exit costs Interest, net $316.9 Income tax expense/Pretax income 29.2% After-tax earnings from joint ventures $98.8 Net earnings attributable to noncontrolling interests/Net earnings before attribution 2.0% Round answers to one decimal place. Do not use negative signs with your answers. 2014 Estimated Income Statement, Fiscal Years Ended ($ millions) Net sales $ 18,663 * Cost of sales 0 x 0 X O Selling, general and administrative expenses Divestitures (gain), net Restructuring, impairment, and other exit costs Operating profit 0 0 x Interest. net 0 x OX 0 x 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 0 x 0 x $ 0 x Estimated ($ millions) Assets Cash and cash equivalents Receivables $ 0 x OX Inventories 0 x Deferred income taxes OX Prepaid expenses and other OX Total current assets 0 x 0 x Land, buildings, and equipment Goodwill Other intangible assets 0 x OX Other assets OX Total assets $ 0 x $ OX Liabilities and equity Accounts payable Current portion of long-term debt Notes payable Other current liabilities 0 x OX 0 x Total current liabilities 0 x Total long-term debt 0 X Deferred income taxes OX 0 x 0 x 0 x 0 x 0 x 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 0 x OX 0 x 0 x 0 x $ 0 x