Question: Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial information from General Mills Inc. for its fiscal year ended May 27,

 Formulating Financial Statements from Raw Data and Calculating Ratios Following is

Formulating Financial Statements from Raw Data and Calculating Ratios Following is selected financial information from General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cash from operating Cost of goods sold (COGS) $11,344.2 activities $3,125.1 Noncash assets, end Cash from investing activities (9.553.9) of year 33.247.5 Cash from financing Cash, end of year 438.9 activities 6,025.0 Total assets beginning of Income tax expense 63.0 year 23,999.9 Total Revenue end of 17,314.4 year** 26,544.8 Stockholders' equity, end Total expenses, other than COGS 3,527.9 of year 7.141.6 and income tax * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable Interest. a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. General Mills Income Statement ($ millions) For the year ended May 27, 2018 . . b. Prepare the balance sheet as of May 27, 2018. General Mills Balance Sheet (5 millions) May 27, 2018 $ . 5 $ $ c. Prepare the statement of cash flows for the year ended May 27, 2018. Note: Use a negative sign with your answer to indicate cash was used by activities and/or a decrease in cash. General Mills Statement of Cash Flow (5 millions) () For the year ended May 27, 2018 Cash from investing activities Cash from financing activities $ d. Compute ROA e. Compute profit margin (PM). f. Compute asset turnover (AT), Notes: Round ROA and PM to one decimal place (ex: 10.5%) Round Asset turnover to two decimal places (0.33) ROA PM % AT

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!