Solve the problem

Complete the homework 6 and use the excel temple.

General Mills Income Statement
2019 Actual
Net sales
16,865.2
Cost of sales
11,108.4
Selling, general, and administrative expenses
2,935.8
Divestitures (gain)
30.0
Restructuring, impairment, and other exit costs
275.1
Operating profit
2,515.9
Benefit plan nonservice income
(87.9)
Interest, net
521.8
Earnings before taxes and after-tax earnings from JV
2,082.0
Income taxes
367.8
After-tax earnings from joint ventures
(72.0)
Net earnings, including earnings attributable to NCI
Net earnings attributable to NCI
Net earnings attributable to General Mills
1,786.20
33.5
1,752.70
Forecast
Assumption
2020
Forecasted
General Mills Balance Sheet
CURRENT ASSETS
Cash and cash equivalents
Receivables
Inventories
Prepaid expenses and other current assets
Total current assets
Land, buildings, and equipment
Goodwill
Other intangible assets
Other assets
Total assets
CURRENT LIABILITIES
Accounts payable
Current portion of long-term debt
Notes payable
Other current liabilities
Total current liabilities
Long-term debt
Deferred income taxes
Other liabilities
Total liabilities
Redeemable interest value
Stockholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Common stock in treasury, at cost
Accumulated other comprehensive loss
Total stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity
2019
Actual
450.0
1,679.7
1,559.3
497.5
4,186.5
3,787.2
13,995.8
7,166.8
974.9
30,111.2
2,854.1
1,396.5
1,468.7
1,367.8
7,087.1
11,624.8
2,031.0
1,448.9
22,191.8
551.7
75.5
1,386.7
14,996.7
(6,779.0)
(2,625.4)
7,054.5
313.2
7,367.7
30,111.2
Forecast Assumption
2020
Forecasted
Additional calculations
2019 Revenue
2020 Revenue
2020 Net income attributable to GIS
Depreciation expense
CAPEX = 3.19% x Sales
2020 maturities
2021 maturities
Dividends = 67.4% of net income
FSA – Homework Assignment#6
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Review 11-2 and Review 11-3: forecast the income statement and the balance sheet for General
Mills FY 2020 (please see below the screenshots for needed information)
You may use the excel template provided by the instructor and submit the excel file to Canvas.