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). Cost of goods sold (COGS) $10,312.9 Cash from operating activities $2,841.0 Cash from investing activities (8,685.4) Noncash assets, end of year 30,225.0 Cash, end of year Income tax expense Revenue 399.0 Cash from financing activities* 5,477.3 57.3 Total assets, beginning of year 21,812.6 15,740.4 Total liabilities, end of year** 24,131.6 Total expenses, other than COGS and income tax 3,207.2 Stockholders' equity, end of year 6,492.4 * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable interest. a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. Revenues General Mills Income Statement ($ millions) For the year ended May 27, 2018 Cost of goods sold Gross profit Expenses Income before taxes Expenses Net income " " " $ 15,740.4 10,312.9 5,427.5 3,207.2 2,220.3 57.3 2,163 b. Prepare the balance sheet as of May 27, 2018. General Mills Balance Sheet ($ millions) Cash ending year Noncash assets Total assets May 27, 2018 $ 399 Liabilities $ 24,131.6 " " 30,225 Stockholders' equity 6,492.4 $ 30,624 Total liabilities and equity $ 30,624