Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years...
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Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended (in millions) Net sales..... Cost of sales.. Selling, general and administrative expenses Divestitures (gain).... 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 redeemable and noncontrolling interests. Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills. May 26, 2013 May 27, 2012 May 29, 2011 $16,657.9 $14,880.2 $17,774.1 10,613.2 11,350.2 8,926.7 3,380.7 3,192.0 3,552.3 - 19.8 2,851.8 316.9 2,534.9 741.2 98.8 1,892.5 37.3 $1,855.2 - 101.6 2,562.4 351.9 2,210.5 709.6 88.2 1,589.1 21.8 $1,567.3 (174) 44 2,774.5 346.3 2,428.2 721.1 96.4 1,803.5 5.2 $1,798.3 Balance Sheet (in millions expect 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 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 equity. May 26, 2013 May 27, 2012 $ 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 $ 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 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 $ 471.2 1,323.6 1,478.8 59.7 358.1 3,691.4 3,652.7 8,182.5 4,704.9 865.3 $21,096.8 $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 1,308.4 9,958.5 (3,177.0) (1,743.7) 6,421.7 461.0 6,882.7 $21,096.8 a. Forecast General Mills' fiscal 2014 income statement and balance sheet using the following relations. Assume all capital expenditures are purchases of land, buildings and equipment, net, and that depreciation and amortization expense is included as part of selling, general and administrative expense ($ millions). Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended (in millions) Net sales..... Cost of sales.. Selling, general and administrative expenses Divestitures (gain).... 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 redeemable and noncontrolling interests. Net earnings attributable to redeemable and noncontrolling interests Net earnings attributable to General Mills. May 26, 2013 May 27, 2012 May 29, 2011 $16,657.9 $14,880.2 $17,774.1 10,613.2 11,350.2 8,926.7 3,380.7 3,192.0 3,552.3 - 19.8 2,851.8 316.9 2,534.9 741.2 98.8 1,892.5 37.3 $1,855.2 - 101.6 2,562.4 351.9 2,210.5 709.6 88.2 1,589.1 21.8 $1,567.3 (174) 44 2,774.5 346.3 2,428.2 721.1 96.4 1,803.5 5.2 $1,798.3 Balance Sheet (in millions expect 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 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 equity. May 26, 2013 May 27, 2012 $ 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 $ 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 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 $ 471.2 1,323.6 1,478.8 59.7 358.1 3,691.4 3,652.7 8,182.5 4,704.9 865.3 $21,096.8 $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 1,308.4 9,958.5 (3,177.0) (1,743.7) 6,421.7 461.0 6,882.7 $21,096.8 a. Forecast General Mills' fiscal 2014 income statement and balance sheet using the following relations. Assume all capital expenditures are purchases of land, buildings and equipment, net, and that depreciation and amortization expense is included as part of selling, general and administrative expense ($ millions).
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Posted Date:
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