Module 1 Assignment question 6 PDF

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5/14/2020

Question 6

Module 1 Assignment

Correct

Marked out of 5.00

Formulating Financial Statements from Raw Data Following is selected financial information from General Mills, Inc., for its fiscal year ended May 25, 2003 ($ mil Revenue

$ 10,506

Cash from operating activities

1,631

Cash, beginning year

975

Stockholders' equity

4,475

Noncash assets

17,524

Cash from financing activities

(885)

Cost of goods sold

6,109

Total expenses (other than cost of goods sold)

3,480

Cash, ending year

703

Total liabilities

13,752

Cash from investing activities

(1,018)

(a) Prepare the income statement, the balance sheet, and the statement of cash flows for General Mills for the Hint:Enter negative numbers only for answers in the statement of cash flows (if applicable). General Mills, Inc. Income Statement ($ millions) For Year Ended May 25, 2003 Revenue

$

10,506

Cost of goods sold

6,109

Gross profit

4,397

Total expenses

3,480 $

Net income

917

 General Mills, Inc. Balance Sheet ($ millions) May 25, 2003 Assets Cash

Liabilities

Noncash assets Total assets

703 Total liabilities

$

17,524 Stockholders' equity $

18,227 Total liabilities and equity $

 General Mills, Inc. Statement of Cash Flows ($ millions) For Year Ended May 25, 2003 Cash from operating activities

$

Cash from investing activitie

1,631 (1,018)

Cash from financing activities

(885)

Net change in cash

(272)

Cash, beginning year Cash, ending year

$

975 $

703

13,752 4,475 18,227

5/14/2020

Module 1 Assignment

(i) Profit margin 8.73

%

(ii) Asset turnover 0.58 (iii) Return on assets 5.03

%

(iv) Return on equity 20.49

%...