Formulating Financial Statements from Raw Data and Calculating Ratios

Following is selected financial information from General Mills Inc. for a recent fiscal year $($$ millions$).$

Cost of goods sold $($COGS$)$ $$12,590\mathrm{.}6$ Cash from operating activities $$3,316\mathrm{.}1$

Cash for investing activities $(1,690\mathrm{.}7)$ Noncash assets, end of year $30,520\mathrm{.}7$

Cash, end of year $569\mathrm{.}4$ Cash for financing activities $(2,561\mathrm{.}2)$

Income tax expense $586\mathrm{.}3$ Total assets, beginning of year $31,841\mathrm{.}9$

Revenue $18,992\mathrm{.}8$ Total liabilities, end of year $20,302\mathrm{.}1$

Total expenses, other than COGS and income tax $3,080\mathrm{.}9$ Stockholders' equity, end of year $10,788\mathrm{.}0$

Required

a$.$ Prepare the income statement for the year.

General Mills

Income Statement $($$ millions$)$

Answer $1$

Answer $2$

Answer $3$

Answer $4$

Answer $5$

Answer $6$

Answer $7$

Answer $8$

Answer $9$

Answer $10$

Answer $11$

Answer $12$

Answer $13$

Answer $14$

b$.$ Prepare the balance sheet at the end of the year.

General Mills

Balance Sheet $($$ millions$)$

Answer $15$

Answer $16$

Answer $17$

Answer $18$

Answer $19$

Answer $20$

Answer $21$

Answer $22$

Answer $23$

Answer $24$

Answer $25$

Answer $26$

c$.$ Prepare the statement of cash flows for the year. Note: Use negative signs with answers to indicate a decrease in cash.

General Mills

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

Answer $27$

Answer $28$

Answer $29$

Answer $30$

Answer $31$

Answer $32$

d$.$ Compute the following ratios. Note: Round any intermediate calculations to one decimal place.

Numerator Denominator Result

Return on assets $($ROA$)$ Answer $33$

Answer $34$

Profit margin $($PM Answer $35$

Answer $36$

Asset turnover $($AT$)$ Answer $37$

Answer $38$