Please provide answers (show your work) for those marked only in red on Balance Sheet.

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) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $17,774.1 $ 16,657.9 $ 14,880.2 Cost of Sales 11,350.2 10,613.2 8,926.7 Selling general and administrative expenses 3,552.3 3,380.7 3,192.0 Divestitures (gain) (17.4) Restructuring, impairment, and other exit costs 19.8 101.6 4.4 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 After-tax earnings from joint ventures 98.8 88.2 96.4 Net earnings, including earnings attributable to redeemable and noncontrolling interests 1,892.5 1,589.1 1,803.5 Net earnings attributable to redeemable and noncontrolling interests 37.3 21.8 5.2 Net earnings attributable to General Mills $1,855.2 $1,567.3 $1,798.3 May 26, 2013 May 27, 2012 $ 471.2 1,323.6 1,478.8 59.7 358.1 $741.4 1,446.4 1,545.5 128.0 437.6 4,298.9 3,878.1 8,622.2 5,015.1 843.7 $ 22,658.0 3,691.4 3,652.7 8,182.5 4,704.9 865.3 $ 21,096.8 Balance Sheet (in millions except per share data) Assets Current 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 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 $ 1,423.2 1,443.3 599.7 1,827.7 5,293.9 5,926.1 1,389.1 1,952.9 14,562.0 967.5 $1,148.9 741.2 526.5 1,426.6 3,843.2 6,161.9 1,171.4 2,189.8 13,366.3 847.8 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 75.5 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). 5.096 63.996 20.096 Net sales growth Cost of sales/Net sales 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 $316.9 29.296 $98.8 2.0% Round answers to one decimal place. Do not use negative signs with your answers. $ 2014 Estimated 18,662.8 11,925.5 3,732.6 0 0 Income Statement, Fiscal Years Ended ($ millions) Net sales Cost of sales Selling, general and administrative expenses Divestitures (gain), net Restructuring, impairment, and other exit costs Operating profit Interest. net 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 3,004.7 316.9 2,687.8 784.8 98.8 2,001.8 40 1,961.8 $ Forecast General Mill's fiscal 2014 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 Inventories/Net sales Deferred income tax/Net sales Prepaid expenses and other current assets/Net sales Other intangible assets Other assets/Net sales Accounts payable/Net sales Other current liabilities/Net sales Current portion of long-term debt Deferred income taxes/Net sales Other liabilities/Net sales Capital expenditures/Net sales Depreciation/Prior year net PPE Dividends/Net earnings attributable to General Mills 8.196 8.796 0.796 2.596 $0 amortization 4.796 8.096 10.396 $1,181.9 7.896 11.096 3.596 16.196 46.896 Round answers to one decimal place. Do not use negative signs with your answers. 2014 Estimated 783.8 x 1,511.7 1,623.7 130.6 466.6 4,516.4 % 3,906.9 8,622.2 5,015.1 877.2 22,937.8 x $ $ Balance Sheet ($ millions) Assets Cash and cash equivalents Receivables Inventories Deferred income taxes Prepaid expenses and other 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 Total long-term debt Deferred income taxes 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 1,493 1,181.9 599.7 1,922.3 5,196.9 1,443.3 % 1,455.7 2,052.9 99,850 X 967.5 75.5 1,166.6 11,746.3 3,687.2 1,585.3 7,715.9 476.3 X 9,160 x 22,937.8 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) May 26, 2013 May 27, 2012 May 29, 2011 Net Sales $17,774.1 $ 16,657.9 $ 14,880.2 Cost of Sales 11,350.2 10,613.2 8,926.7 Selling general and administrative expenses 3,552.3 3,380.7 3,192.0 Divestitures (gain) (17.4) Restructuring, impairment, and other exit costs 19.8 101.6 4.4 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 After-tax earnings from joint ventures 98.8 88.2 96.4 Net earnings, including earnings attributable to redeemable and noncontrolling interests 1,892.5 1,589.1 1,803.5 Net earnings attributable to redeemable and noncontrolling interests 37.3 21.8 5.2 Net earnings attributable to General Mills $1,855.2 $1,567.3 $1,798.3 May 26, 2013 May 27, 2012 $ 471.2 1,323.6 1,478.8 59.7 358.1 $741.4 1,446.4 1,545.5 128.0 437.6 4,298.9 3,878.1 8,622.2 5,015.1 843.7 $ 22,658.0 3,691.4 3,652.7 8,182.5 4,704.9 865.3 $ 21,096.8 Balance Sheet (in millions except per share data) Assets Current 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 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 $ 1,423.2 1,443.3 599.7 1,827.7 5,293.9 5,926.1 1,389.1 1,952.9 14,562.0 967.5 $1,148.9 741.2 526.5 1,426.6 3,843.2 6,161.9 1,171.4 2,189.8 13,366.3 847.8 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 75.5 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). 5.096 63.996 20.096 Net sales growth Cost of sales/Net sales 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 $316.9 29.296 $98.8 2.0% Round answers to one decimal place. Do not use negative signs with your answers. $ 2014 Estimated 18,662.8 11,925.5 3,732.6 0 0 Income Statement, Fiscal Years Ended ($ millions) Net sales Cost of sales Selling, general and administrative expenses Divestitures (gain), net Restructuring, impairment, and other exit costs Operating profit Interest. net 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 3,004.7 316.9 2,687.8 784.8 98.8 2,001.8 40 1,961.8 $ Forecast General Mill's fiscal 2014 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 Inventories/Net sales Deferred income tax/Net sales Prepaid expenses and other current assets/Net sales Other intangible assets Other assets/Net sales Accounts payable/Net sales Other current liabilities/Net sales Current portion of long-term debt Deferred income taxes/Net sales Other liabilities/Net sales Capital expenditures/Net sales Depreciation/Prior year net PPE Dividends/Net earnings attributable to General Mills 8.196 8.796 0.796 2.596 $0 amortization 4.796 8.096 10.396 $1,181.9 7.896 11.096 3.596 16.196 46.896 Round answers to one decimal place. Do not use negative signs with your answers. 2014 Estimated 783.8 x 1,511.7 1,623.7 130.6 466.6 4,516.4 % 3,906.9 8,622.2 5,015.1 877.2 22,937.8 x $ $ Balance Sheet ($ millions) Assets Cash and cash equivalents Receivables Inventories Deferred income taxes Prepaid expenses and other 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 Total long-term debt Deferred income taxes 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 1,493 1,181.9 599.7 1,922.3 5,196.9 1,443.3 % 1,455.7 2,052.9 99,850 X 967.5 75.5 1,166.6 11,746.3 3,687.2 1,585.3 7,715.9 476.3 X 9,160 x 22,937.8 X $