This case should be completed after responding to the requirements in Decision Case 13-2. Refer to the financial statement information of Kelloggs and General Mills reprinted at the back of the book. Required: 1. Using the format in Example 13-5, prepare common-size comparative income statements for the years ending May 31, 2009, and May 25, 2008, for General Mills. Round
Chapter 13, Decision Cases #3
This case should be completed after responding to the requirements in Decision Case 13-2. Refer to the financial statement information of Kellogg’s and General Mills reprinted at the back of the book.
Required:
1. Using the format in Example 13-5, prepare common-size comparative income statements for the years ending May 31, 2009, and May 25, 2008, for General Mills. Round all percentages to the nearest one-tenth of a percent.
2. The common-size comparative income statements indicate the relative importance of items on the statement. Compare the common-size income statements of General Mills and Kellogg’s. What are the most important differences between the two companies’ income statements?
3. Using the format in Example 13-4, prepare common-size comparative balance sheets on May 31, 2009, and May 25, 2008, for General Mills. Round all percentages to the nearest one-tenth of a percent.
4. The common-size comparative balance sheets indicate the relative importance of items on the statement. Compare the common-size balance sheets of General Mills and Kellogg’s. What are the most important differences between the two companies’ balance sheets?
Required:
1. Using the format in Example 13-5, prepare common-size comparative income statements for the years ending May 31, 2009, and May 25, 2008, for General Mills. Round all percentages to the nearest one-tenth of a percent.
2. The common-size comparative income statements indicate the relative importance of items on the statement. Compare the common-size income statements of General Mills and Kellogg’s. What are the most important differences between the two companies’ income statements?
3. Using the format in Example 13-4, prepare common-size comparative balance sheets on May 31, 2009, and May 25, 2008, for General Mills. Round all percentages to the nearest one-tenth of a percent.
4. The common-size comparative balance sheets indicate the relative importance of items on the statement. Compare the common-size balance sheets of General Mills and Kellogg’s. What are the most important differences between the two companies’ balance sheets?
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1. Common-size comparative income statements: GENERAL MILLS COMMON-SIZE CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED MAY 31, 2009 AND MAY 25, 2008 (IN MILLIONS OF DOLLARS) 2009 2008 Dollars P…View the full answer
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Using Financial Accounting Information The Alternative to Debits and Credits
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
ISBN: 978-1133161646