Refer to General Millss balance sheet reproduced at the back of the book to answer the following

Question:

Refer to General Mills’s reproduced at the back of the book to answer the following questions.

Required
1. Which is the largest of General Mills’s current assets on May 31, 2009? What percentage of total current assets does it represent? Explain what this asset represents and why it is such a significant asset for a company such as General Mills.
2. Which is the second largest of General Mills’s current assets on May 31, 2009? What percentage of total current assets does it represent? Is it favorable or unfavorable that this is such a significant asset? Explain your answer.
3. Explain what events would cause each of those accounts to both increase and decrease during the year.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...