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Question 1. Obtain a copy of the 2015 consolidated financial statements of General Mills and an- swer the following questions. (Note that General Mills’ fiscal year 2015 ends on May 31, 2015 .) In your answer to each question, identify the financial statements you used and show your calcu- lations (if a calculation is needed). Remember that the same information may be contained in multiple statements. a. What is the book value of total assets at the end of fiscal year 2015? What portion is the own-
ers’ (i.e., shareholders’) claim? Why is the owners’ claim less than the total amount of as-
sets? b. Which asset on the balance sheet shows the highest balance at the end of fiscal year 2015?
Explain whether one can conclude that this asset is indeed the company’s most valuable re—
source. c. What is the change in cash and cash equivalents in fiscal year 2015? Identify all statements
that show this information. d. What is net income (or loss) in fiscal year 2015? Identify all statements that show this infor-
mation. e. What is the amount of retained earnings at the end of fiscal year 2015, and by how much, in
total, has retained earnings changed during fiscal year 2015? Identify all statements that show
this information. f. Conceptually, what do retained earnings represent? Show numerically how General Mills’
2015 net income is linked to the retained earnings account.

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