Question: 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

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?

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1 Commonsize comparative income statements GENERAL MILLS COMMONSIZE CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED MAY 31 2009 AND MAY 25 2008 IN MILLIONS OF DOLLARS 2009 2008 Dollars Percent D... View full answer

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