Question

Formulating Financial Statements from Raw Data
Assume the following is selected financial information from General Mills, Inc., for its fiscal year ended May 25, 2014 ($ millions):

Cash and Cash Equivalents	$867.3
Net Cash from Operations	2,541.0
Sales	17,909.6
Stockholders' Equity	7,005.4
Cost of Goods Sold	11,539.8
Net Cash from Financing	(1,824.1)
Total Liabilities	16,140.3
Other Expenses, including income taxes	4,508.5
Noncash Assets	22,278.4
Net Cash from Investing	(561.8)
Net Income	1,861.3
Effect of exchange rate changes on cash	(29.2)
Cash, beginning year	741.4

Required
a. Prepare an income statement, balance sheet, and statement of cash flows for General Mills, Inc.

Use negative signs with your answers for the statement of cash flows, when appropriate.

GENERAL MILLS, INC. INCOME STATEMENT AnswerFor Year Ended May 25, 2014May 25, 2014
($ millions)
Sales	$Answer
AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	Answer
AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	Answer
Other Expenses, including income taxes	Answer
AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	Answer

GENERAL MILLS, INC. BALANCE SHEET AnswerFor Year Ended May 25, 2014May 25, 2014
($ millions)
Cash and Cash Equivalents	$Answer	AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	$Answer
AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	Answer	AnswerNet cash from operationsStockholders’ equityCash, beginning yearGross profitNet cash from financingNoncash assetsTotal liabilitiesNet cash from investingNet incomeCost of goods sold	$Answer
Total Assets	$Answer	Total Liabilities and Equity	$Answer

GENERAL MILLS, INC. STATEMENT OF CASH FLOWS AnswerFor Year Ended May 25, 2014May 25, 2014
($ millions)
AnswerNet cash flows from operationsStockholders’ equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold	$Answer
AnswerNet cash flows from operationsStockholders’ equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold	Answer
AnswerNet cash flows from operationsStockholders’ equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold	Answer
Effect of exchange rates on cash	Answer
Net change in cash	Answer
AnswerNet cash flows from operationsStockholders’ equityCash, beginning yearGross profitNet cash flows from financingNoncash assetsTotal liabilitiesNet cash flows from investingNet incomeCost of goods sold	Answer
Cash, ending year	$Answer

b. What portion of the financing is contributed by owners? (Round your answer to one decimal place.)

Answer%

Answer 1