Question

Assume the following is selected financial information from General Mills, Inc., for its fiscal year ended May 27, 2018 ($ millions):

Cash and Cash Equivalents	$399.0
Net Cash from Operations	2,841.0
Sales	15,740.4
Stockholders' Equity	6,492.4
Cost of Goods Sold	10,312.9
Net Cash from Financing	5,445.5
Total Liabilities	24,131.6
Other Expenses, including income taxes	3,264.5
Noncash Assets	30,225.0
Net Cash from Investing	(8,685.4)
Net Income	2,163.0
Effect of exchange rate changes on cash	31.8
Cash, beginning year	766.1

Required
a. Prepare an income statement, balance sheet, and statement of cash flows for General Mills, Inc.

Note: Use negative signs with your answers for the statement of cash flows, when appropriate.

b. What portion of the financing is contributed by owners? (Round your answer to one decimal place.)

Answer 1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

A 1 Answer 2 3 Part 1) 4 Income Statement 5 General Mills Inc. 6 Sales 7 Cost of goods sold 8 Gross Margin 9 Other Expenses, including income taxes LO Net income 11 15740.4 10312.9 5427.5 3264.5 2163.0 399 12 13 Balance Sheet 14 General Mills Inc. 15 Assets 16 Cash 17 Other Non cash assets 18 Total Assets 19 Liabilities and equities 20 Total Liabilities 21 Stockholder Equity 22 Total Liabiloities and equity 30225 30624 24131.6 6492.4 30624

24 2841 -8685.4 5445.5 -398.9 766.1 31.8 399 25 Statement of Cash Flows 26 General Mills Inc. 27 Net Cash from operations 28 Net cash from finvesting 29 Net cash from financing 30 Net cash flow from all activities 31 Beginning Balance 32 Effect of exchange fluctuations 33 Ending cash balance 34 35 36 Part 2) 37 Portion of financing contributed by owners 38 = stockholders equity/total assets *100 39 = 6492.4/30624*100 40 = 21.2% 41 42 So the correct answer is 21.20% 43 44 45 46