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3 years ago

Formulating Financial Statements from Raw Data

Business

1 answer:

Tpy6a [65]3 years ago

4 0

Solution:

General Mills, Inc., Income statement for year ended May 25, 2003

Particulars Millions $

Revenue $10,506

Less Cost of goods sold - 6,109

----------------

Gross profit 4,397

----------------

Less operating expenses - 3,480

-----------------

917

-----------------

Balance sheet May 25, 2003

Assets Million $ Liabilities Million $

Cash 703 Total Liabilities 13,752

Non cash 17,524 Stockholders' equity 4,475

Total assets 18,227 Total Liabilities & equity 18,227

Statement for cash flows for year ended May 25, 2003

Particulars Million $

Cash from operating activities 1,631

Cash from financing activities - 885

Cash from investing activities - 1,018

--------------

Net change in cash -272

----------------

Cash, beginning year 975

-----------------

703

A negative amount for cash from financing activities reflects the reduction of long term debt

Profit margin = ( Net income / Revenue ) * 100

= ( 917 / 10,506 ) * 100

= 8.72%

Asset turnover = Revenue / total assets

= 10,506 / 18, 227

= 0.57

Return on assets =( Net income / Total assets ) * 100

= ( 917 / 18, 227 ) *100

= 5.03%

Return of equity = ( Net income / Total shareholder equity )*100

= ( 917 / 4,475 ) *100

= 20.49%

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Answer:

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2 years ago

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Answer:

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Explanation:

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2 years ago

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Answer:

Franchise

Explanation:

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2 years ago

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Answer:

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3 years ago

ecord adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made

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Answer: Please Refer to Explanation

Explanation:

Please see complete question attached to this answer.

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