Accounting Research Problem Refer to the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017), available on this book’s Website. Review the consolidated balance sheets.a. Identify two assets listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by adjustments to these assets accounts?b. Identify two liabilities listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by these adjustments? **Consolidated Balance Sheets: General Mills, Inc. and Subsidiaries (In Millions, Except Par Value)****As of May 28, 2017, and May 29, 2016****Assets**- **Current Assets:** - Cash and cash equivalents - 2017: $766.1 million - 2016: $763.7 million - Receivables - 2017: $1,430.1 million - 2016: $1,360.8 million - Inventories - 2017: $1,483.6 million - 2016: $1,413.7 million - Prepaid expenses and other current assets - 2017: $381.6 million - 2016: $399.0 million - **Total Current Assets:** - 2017: $4,061.4 million - 2016: $3,937.2 million- **Non-current Assets:** - Land, buildings, and equipment - 2017: $3,687.7 million - 2016: $3,743.6 million - Goodwill - 2017: $8,747.2 million - 2016: $8,741.2 million - Other intangible assets - 2017: $4,530.4 million - 2016: $4,538.6 million - Other assets - 2017: $785.9 million - 2016: $751.7 million - **Total Assets:** - 2017: $21,812.6 million - 2016: $21,712.3 million**Liabilities and Equity**- **Current Liabilities:** - Accounts payable - 2017: $2,119.8 million - 2016: $2,046.5 million - Current portion of long-term debt - 2017: $604.7 million - 2016: $1,103.4 million - Notes payable - 2017: $1,234.1 million -

Assets refer to the things or items which are owned by the company or any individual. The assets can…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting Research Problem Refer to the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017), available on this book’s Website. Review the consolidated balance sheets.

a. Identify two assets listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by adjustments to these assets accounts?

b. Identify two liabilities listed in the consolidated balance sheets that indicate that General Mills uses the accrual basis of accounting. Which income statement accounts of General Mills are affected by these adjustments?

**Consolidated Balance Sheets: General Mills, Inc. and Subsidiaries (In Millions, Except Par Value)**

**As of May 28, 2017, and May 29, 2016**

**Assets**

- **Current Assets:**
- Cash and cash equivalents
- 2017: $766.1 million
- 2016: $763.7 million
- Receivables
- 2017: $1,430.1 million
- 2016: $1,360.8 million
- Inventories
- 2017: $1,483.6 million
- 2016: $1,413.7 million
- Prepaid expenses and other current assets
- 2017: $381.6 million
- 2016: $399.0 million
- **Total Current Assets:**
- 2017: $4,061.4 million
- 2016: $3,937.2 million

- **Non-current Assets:**
- Land, buildings, and equipment
- 2017: $3,687.7 million
- 2016: $3,743.6 million
- Goodwill
- 2017: $8,747.2 million
- 2016: $8,741.2 million
- Other intangible assets
- 2017: $4,530.4 million
- 2016: $4,538.6 million
- Other assets
- 2017: $785.9 million
- 2016: $751.7 million
- **Total Assets:**
- 2017: $21,812.6 million
- 2016: $21,712.3 million

**Liabilities and Equity**

- **Current Liabilities:**
- Accounts payable
- 2017: $2,119.8 million
- 2016: $2,046.5 million
- Current portion of long-term debt
- 2017: $604.7 million
- 2016: $1,103.4 million
- Notes payable
- 2017: $1,234.1 million
-

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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