Formulating Financial Statements from Raw Data Following is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2016 ($ millions):

*Cash from financing activites includes the effects of foreign exhange rate fluctuations.
Revenue	$16,563.1	Cost of goods sold	$10,733.6
Cash from operating activities	2,629.8	Cash, ending year	763.7
Cash, beginning year	334.2	Total liabilities	16,405.2
Stockholders' equity	5,307.1	Cash from investing activities	93.4
Noncash assets	20,948.6	Total expenses (other than cost of goods sold)	4,092.7
Cash from financing activities*	(2,293.7)

(a) Prepare the income statement, the balance sheet, and the statement of cash flows for General Mills for the fiscal year ended May 29, 2016. Hint: Enter negative numbers only for answers in the statement of cash flows (if applicable).

General Mills, Inc. Income Statement ($ millions) For Year Ended May 29, 2016
Revenue	Answer
Answer

Answer
Gross profit	Answer
Answer

Answer
Net income	Answer

General Mills, Inc. Balance Sheet ($ millions) May 29, 2016
Cash	Answer	Total liabilities	Answer
Answer

Answer

Answer

Answer
Total assets	Answer	Total liabilities and equity	Answer

General Mills, Inc. Statement of Cash Flows ($ millions) For Year Ended May 29, 2016
Cash from operating activities	Answer
Answer

Answer
Cash from financing activities	Answer
Net change in cash	Answer
Answer

Answer
Cash, ending year	Answer

(b) Does the negative amount for cash from financing activities concern us? Explain.

A negative amount for cash from financing activities implies that the company is unable to pay its debts as they come due and should be interpreted negatively.

A negative amount for cash from financing activities is the result of additional borrowings. Because the additional funds are invested in earnings-generating assets, this should be viewed positively.

A negative amount for cash from financing activities implies that the market value of the company's long-term debt has declined and this change should be viewed negatively.

A negative amount for cash from financing activities reflects the reduction of long-term debt, which is a positive sign of the companys ability to retire debt obligations.

(c) Using the statements prepared for part a. compute the following ratios (for this part only, use the year-end balance instead of the average for assets and stockholders' equity):

Round all answers to two decimal places (example for percentage answers: 0.12345 = 12.35%).

(i) Profit margin Answer% (ii) Asset turnover Answer (iii) Return on assets Answer% (iv) Return on equity Answer%