Selected financial information from General Mills as of May 29,
2016 follows.
$ millions
Debit
Credit
Net sales
$16,689.6
Cost of sales
$10,758.9
Selling, general, & administrative expense & other
3,098.4
Interest expense, net
329.1
Income tax expense
780.5
Retained earnings
12,041.4
Assume the company has not yet closed any accounts to retained
earnings. Prepare journal entries to close the temporary accounts
above. Set up the needed T-accounts, and post the closing entries.
After these entries are posted, what is...