Question

Following is selected financial information from General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of goods sold (COGS) $14,438.1 Cash from operating activities $3,977.4 Cash from investing activities (12,159.6) Noncash assets, end of year 42,315.0 Cash, end of year 558.6 Cash from financing activities* 7,668.2 Income tax expense 80.2 Total assets, beginning of year 30,537.6 Revenue 22,036.6 Total liabilities, end of year** 33,784.2 Total expenses, other than COGS 4,490.1 Stockholders' equity, end of year 9,089.4 and income tax * Cash from financing activities includes the effects of foreign exchange rate fluctuations. ** Total liabilities includes redeemable interest. a. Prepare the income statement for the year ended May 27, 2018. Note: Do not use negative signs with any of your answers. General Mills Income Statement ($ millions) For the year ended May 27, 2018 Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer b. Prepare the balance sheet as of May 27, 2018. General Mills Balance Sheet ($ millions) May 27, 2018 Answer Answer Answer Answer Answer Answer Answer

Answer 1

General Mills, Inc.

Income Statement for the year ended May 27, 2018

Revenue $22,036.6

Cost of goods sold (COGS) 14,438.1

Gross profit $7,598.5

Total expenses, other than COGS 4,490.1

Income before tax $3,108.4

Income tax expense 80.2

Net income $3,028.2

Step-by-step explanation:

a) Relevant Data:

Revenue $22,036.6

Cost of goods sold (COGS) $14,438.1

Total expenses, other than COGS $4,490.1

Income tax expense $80.2