Formulating Financial Statements from Raw Data Following is selected financial information from General Mills Inc. for its fiscal year ended May 29, 2016 ($ millions).

Revenue . . . . . . . . . . . . . . . . . . . . . . $16,563.1 Cost of goods sold. . . . . . . . . . . . . . . . $10,733.6 Cash, ending year . . . . . . . . . . . . . . . . 763.7 Total liabilities . . . . . . . . . . . . . . . . . . . . 16,405.2 Cash from investing activities. . . . . . . . 93.4 Total expenses (other than cost of goods sold) . . . . . . . . . . . . . . . . . . . .

4,092.7 Cash from operating activities . . . . . 2,629.8 Cash, beginning year . . . . . . . . . . . . 334.2 Stockholders’ equity . . . . . . . . . . . . 5,307.1 Noncash assets . . . . . . . . . . . . . . . . 20,948.6 Cash from financing activities*. . . . . (2,293.7)

* Cash from financing activities includes the effects of foreign exchange rate fluctuations.

Required

a. Prepare the income statement, the balance sheet, and the statement of cash flows for General Mills for the fiscal year ended May 29, 2016.

b. Does the negative amount for cash from financing activities concern us? Explain.

c. Using the statements prepared for part

a, compute the following ratios (for this part only, use the yearend balance instead of the average for assets and stockholders’ equity):

i. Profit margin ii. Asset turnover iii. Return on assets iv. Return on equity