Use the information the photo to answer the required questions.

Which two nonrecurring items on the 2019 income statement would we consider eliminating before beginning the forecasting process?

In what order do we forecast the financial statements? Explain why this order is important.

What income statement amount do we forecast first?

Identify at least three forecasted expenses that are directly or indirectly related to revenue.

Identify at least three forecasted balance sheet accounts that are directly or indirectly related to forecasted revenue.

GENERAL MILLS INC. Consolidated Statements of Earnings 12 Months Ended, \$ millions Net sales. Cost of sales. Selling, general, and administrative expenses Divestitures (loss) Aestrucluring, impaiment, and other exit costs Operating profit. Benefit plan nonservice income Interest, net. Eamings before income taxes and after-tax eainings from joint ventures Income taxes Alter tax eamingt from joint ventures. Net eamings, including eamings attributable to redeemable and noncontrolling interests Net eamings attributable to redeemable and noncontrolling interests Net eamings attributable to General Mills May 26, 2019 $16,865.2 11,108.4 2,935.8 30.0 275.1 2.515.9 (87.9) \begin{tabular}{r} 521.8 \\ \hline 2,082.0 \\ 367.8 \\ (72.0) \\ \hline 1,786.2 \\ 33.5 \\ \hline$1,752.7 \\ \hline \end{tabular} GENERAL MILLS INC. Consolidated Balance Sheet $ millions, except par value Current assets Cash and cash equivalents. Recelvables inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill .. Other intanpible assets. Other assets Total assets Cument liahilities Accounts payable Current portion of long-term debt Notes payable. ... Other current liabilities Total current liabilities Long-term debt . . Deferred income taxes Other thabitities Total liabilities. Redeernable interest value. Stockholders' equity Common stock, 754.6 shares issued, \$0.10 par value. Additional paid-in capital. Retained eamings Common stock in treasury, at cost Accumulated other comprehensive loss. Total stockholders' equity. Noncontrolling interests Total equity. . . . . Total llabilities and equlty May 26, 2019 \begin{tabular}{r} 450.0 \\ 1,679.7 \\ 1,559.3 \\ 497.5 \\ \hline 4,186.5 \\ 3,787.2 \\ 13,995.8 \\ 7,166.8 \\ 974.9 \\ \hline$30,111.2 \\ \hline \hline \\ \hline$2,854.1 \\ 1,396.5 \\ 1,468.7 \\ 1,367.8 \\ \hline 7,087.1 \\ 11,624.8 \\ 2,031.0 \\ 1,448.9 \\ \hline 22,191.8 \\ \hline 551.7 \\ \hline 75.5 \\ \hline 1.386 .7 \\ 14,996.7 \\ (6,779.0) \\ (2,625.4) \\ \hline 7,054.5 \\ 313.2 \\ \hline 7,367.7 \\ \hline$30,111.2 \\ \hline \hline \end{tabular}