please make corrections

Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Staternent, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835.4 Selling, general and administrative expenses 3,192.0 3,162.7 Divestitures (gain), net (17.4) Restructuring, impairment, and other exit costs 31.4 Operating income 2,774.5 2,606.1 Interest, net 346.3 401.6 Earnings before income tax expense and equity in income of affiliates 2,428.2 2.204.5 Income tax expense 721.1 771.2 After-tax earnings from joint ventures 96.4 101.7 Net earnings including noncontrolling interests 1,803.5 1,535.0 Net earnings attributable to noncontrolling interests 5.2 Net earnings attributable to General Mills $ 1.798.3 $1.530.5 4.5 May 29, 2011 May 30, 2010 Balance Sheet ($ millions) Assets Cash and cash equivalents Receivables Inventories $ 619.6 1,162.3 1,609.3 $ 673.2 1,041.6 1.344.0 May 29, 2011 May 30, 2010 $ 619.6 1,162.3 1,609.3 27.3 483.5 3,902.0 3.345.9 Balance Sheet (5 millions) Assets Cash and cash equivalents Receivables Inventories 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 Equity 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 $ 673.2 1,041.6 1,344.0 42.7 378.5 3,480.0 3,127.7 6,592.8 3,715.0 763,4 $17.678.9 6,750.8 3,813.3 862.5 $ 18,674,5 $995.1 1,031.3 311.3 1.321.5 3,659.2 5.542.5 1.127.4 1.733.2 12.062.3 $ 849.5 107.3 1,050.1 1.762.2 3.769.1 5.268.5 874.6 2,118.7 12,030.9 3,659.2 5.542.5 1,127.4 3,769.1 5,268.5 874.6 2.118.7 12.030.9 1.733.2 12.062.3 75.51 Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities 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 109.8 and 98.1 Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total Liabilities and Equity 1.319.8 9,191.3 (3.210.3) (1.010,8) 6,365. 5 246.7 6.612. 2 $ 18,674.5 75.5 1,307.1 8,122.4 (2.615.2) (1,486.9) 5 ,402.9 245.1 5 ,648.0 $17.678.9 Forecast General Mill's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). Assume that depreciation and amortization expense is included as part of selling general and administrative expense ($ millions). Net sales growth 4.096 Cost of sales/Net sales 60.096 Selling general and administrative expenses/Net sales 21.5% Divestitures (gain), net S- LE Selling, general and administrative expenses/Net sales Divestitures (gain), net Restructuring, impairment, and other exit costs Interest, net Income tax expense/Pretax income After-tax earnings from joint ventures Net earnings attributable to noncontrolling interests/Net earnings before attribution 21.596 $- $- $346.3 29.796 $96.4 0.596 Round answers one decimal place. Do not use negative signs with your answers. 2012 Estimated 15,475.4 9,285.2 3,327.2 Income Statement, Fiscal Years Ended (5 millions) Net sales Cost of goods sold Selling, general and administrative expenses Divestitures (gain), net Restructuring, impairment, and other exit costs Operating income Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests 2,863 346.3 2,516.7 747.4 96.4 1.865.6 Earnings before income tax expense and equity in income of attillates Income tax expense Equity in income of affiliates Net earnings including noncontrolling interests Net earnings attributable to noncontrolling interests Net earnings attributable to General Mills 2,516.7 747.4 x 96.4 1,865.6 9,3 1,856.3 Forecast General Mill's fiscal 2012 balance sheet using the following relations (assume "no change" for accounts not listed). Assume that all capital expenditures are purchases of land, building and equipment, net. ($ millions). Receivables/Net sales 7.896 Inventories/Net sales 10.896 Deferred income tax/Net sales 0.296 Prepaid expenses and other current assets/Net sales 3.296 Other intangible assets $0 amortization Other Assets/Net sales 5.896 Accounts payable/Net sales 6.796 Other current liabilities/Net sales 8.996 Current portion of long-term debt $733.6 Deferred income taxes/Net sales 7.696 Other liabilities/Net sales 11.696 Noncontrolling interests Capital expenditures/Net sales 4.49 Danciation in annor $733.6 7.696 11.696 Current portion of long-term debt Deferred income taxes/Net sales Other liabilities/Net sales Noncontrolling interests Capital expenditures/Net sales Depreciation/Prior year net PPE Dividends/Net income Current maturities of long-term debt in fiscal 2013 *increase by net income attributable to noncontrolling interests and assume no dividends 4.496 20.796 40.696 $733.6 Round answers one decimal place. Do not use negative signs with your answers. 2012 Estimated Balance Sheet ($ millions) Assets Cash and cash equivalents Receivables Inventories Deferred income taxes Prepaid expenses and other Total current assets Land, buildings, and equipment 4,921.1 1,207.1 1,671.3 31 495.2 3,404.6 x 3,334.2 6,751 3,813.3 897.6 14.795.9 Goodwill Other intangible assets Other assets Total assets Liabilities and equity Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Total long-term debt Deferred income taxes Other liabilities Total liabilities Stockholders equity Common stock Additional paid-in capital Retained earnings Common stock in treasury Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity Total liabilities and Equity 1,036.9 733.6 311.3 1,377.3 3,459.1 4,808.9 1,176.1 1,795.1 11,239.2 75.5 1,319.8 11,047.6 3.210.3 1,010.8 8,221.8 x 256 8,477.8 x 19.717 X