Gm Case Essay

1358 Words 6 Pages
a) They are the leading producer of packaged consumer foods and operate exclusively in the consumer foods industry. According to the financial statements, GM makes most of the money from sales. They have 3 segments US Retail, Bakeries and Food Services and International. b) The following are the financial statements that are commonly prepared for external reporting purposes. 1) Balance sheet 2) Income Statement 3) Statement of cash flow 4) Statement of Stockholder’s equity
GM address these financial statements as 1) Consolidated Balance Sheet 2) Consolidated Income Statement 3) Consolidated statement of Cash Flows
Consolidated means the combined financial statements of a parent company and its subsidiaries
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KPMG has given an “unqualified opinion” that means company’s financial records and statements are fairly and appropriately presented, and in accordance with GAAP. The report is dated July 27, 2006 that means auditors took 8 weeks to complete their field work and present their opinion.

f) General Mills, INC. and Subsidiaries Consolidated Statements of Earning | | May 28 ,2006 $ | May 28, 2006 % | | May 29, 2005 $ | May 29, 2005 % | | | | | | | | Net Sales | | 11,640 | 100.0% | | 11,244 | 100.0% | Cost of sales | | 6966 | 59.8% | | 6834 | 60.8% | Gross Profit | | 4,674 | 40.2% | | 4,410 | 39.2% | SG & A | | 2678 | 23.0% | | 2418 | 21.5% | Interest, Net | | 399 | 3.4% | | 455 | 4.0% | Restructuring and Other Exit costs | | 30 | 0.3% | | 84 | 0.7% | Divestitures (gain) | | - | 0.0% | | -499 | -4.4% | Debt repurchase costs | | - | 0.0% | | 137 | 1.2% | Total Costs and Expenses | | 10073 | 86.5% | | 9429 | 83.9% | EBIT and After Tax Earnings from JV | | 1567 | 13.5% | | 1815 | 16.1% | Income Taxes | | 541 | 4.6% | | 664 | 5.9% | After-tax Earnings from JV | | 64 | 0.5% | | 89 | 0.8% | Net Earnings | | 1090 | 9.4% | | 1240 | 11.0% |

General Mills, INC. and Subsidiaries Consolidated Balance Sheets | | May 28, 2006 $ | May 28, 2006 % | | May 29, 2005 $ | May 29, 2005 % | Assets | | | | | | | Cash and cash equivalents

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