General mills case

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  • Publicado : 21 de abril de 2010
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a. They are a global consumer foods company. They develop distinctive food products and market these value-added products under unique brand names at a profit.
b.
• Balance Sheet
• IncomeStatement
• Statement of Retained Earnings
• Statement of Cash Flows

General Mills titles them as
• Consolidated Statements of Earnings
• Consolidated Balance Sheet
•Consolidated Statements of Cash Flows

Consolidated statements are the combined financial statements of a parent company and its subsidiaries.
c.
Typically every year
d.
Management is responsible forthe preparation of the financial statements.
Potential users are investors, creditors, customers, employees…
e.
KPMG LLP was the external auditors. They issued an unqualified opinion letter thatinvolves a certification made by the independent CPA firm that the company's financial statements were prepared in conformity with Generally Accepted Accounting Principles [GAAP], and fairlyrepresented the firm's financial condition on the statement date. The opinion is dated when the auditors finish the audit.

f.
|General Mills, Inc and Subsidiaries| | | |
|Consolidated Statements of Earnings | || |
| | |May 28, 2006 |May 29, 2005 |
|Net sales| |100% |100% |
|Cost and expenses| | | |
| Cost of sales |...
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