Formulating Financial Statements from Raw Data and Calculating Ratios

Following is selected financial information from JM Smucker Co$.$ for the year ended April $30,2018($$ millions$).$

Current assets, end of year $$1,523\mathrm{.}9$ Long$-$term liabilities, end of year $$6,248\mathrm{.}8$

Cash, end of year $188\mathrm{.}7$ Stockholders' equity, end of year $7,733\mathrm{.}3$

Cash from investing activities $(272\mathrm{.}0)$ Cash from operating activities $1,193\mathrm{.}6$

Cost of products sold $4,430\mathrm{.}6$ Total assets, beginning of year $15,326\mathrm{.}9$

Total liabilities, end of year $7,261\mathrm{.}9$ Revenue $7,210\mathrm{.}0$

Cash from financing activities$*(896\mathrm{.}3)$ Total expenses, other than cost of $1,467\mathrm{.}6$

Stockholders' equity, beginning of year $6,713\mathrm{.}2$ product sold

Dividends paid $343\mathrm{.}3$

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

a$.$ Prepare the income statement for the year ended April $30,2018.$

Note: Do not use negative signs with any of your answers.

J M Smucker Co

Income Statement $($$ millions$)$

For the year ended April $30,2018$

Revenues Answer

$7,210$

Cost of product sold Answer

$4,430\mathrm{.}6$

Gross profit Answer

$2,779\mathrm{.}4$

Expenses Answer

$1,467\mathrm{.}6$

Net income Answer

$1,311\mathrm{.}8$

b$.$ Prepare the balance sheet as of April $30,2018.$

J M Smucker Co

Balance Sheet $($$ millions$)$

April $30,2018$

Current assets Answer

$0$

Current liabilities Answer

$0$

Long$-$term assets Answer

$0$

Long$-$term liabilities Answer

$0$

Total liabilities Answer

$0$

$-$ Stockholders' equity Answer

$0$

Total assets Answer

$0$

Total liabilities and equity Answer

$0$

c$.$ Prepare the statement of cash flows for the year ended April $30,2018.$

Note: Use a negative sign with your answer to indicate cash was used by activities and$/$or a decrease in cash.

J M Smucker Co

Statement of Cash Flow $($$ millions$)$

For the year ended April $30,2018$

Cash from operating activities Answer

$0$

Cash from investing activities Answer

$0$

Cash from financing activities Answer

$0$

Net increase $($decrease$)$ in cash Answer

$0$

Cash, beginning of year Answer

$0$

Cash, end of year Answer

$0$

d$.$ Compute ROA.

e$.$ Compute profit margin $($PM$).$

f$.$ Compute asset turnover $($AT$).$

g$.$ Compute ROE.

Notes:

Round ROA, PM$,$ and ROE to one decimal place $($ex: $10\mathrm{.}5\%).$

Round AT $($asset turnover$)$ to two decimal places $(0\mathrm{.}33).$

ROA Answer

$0$

PM Answer

$0$

AT Answer

$0$

ROE Answer

$0$