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Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the 2020 annual report as noted below, calculate the financial ratios for 2020 and 2019 indicated using the EXCEL template provided: 1. Gross profit percentage 2. Return on sales 3. Asset turnover 4. Return on assets 5. Return on common stockholders’ equity 6. Current ratio 7. Quick ratio 8. Operating-cash-flow-to-current-liabilities ratio 9. Accounts receivable turnover Total assets 2020 = $30,806.7 Total stockholders’ equity 2020 = $8,349.5 Total current liabilities 2020 = $7,491.5 Accounts receivable 2020 = $1,615.1 Inventory 2020 = $1,426.3 Year-end closing stock price May 2020 = $58.80 Year-end closing stock price May 2019 = $53.56

Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the 2020 annual report as noted below, calculate the financial ratios for 2020 and 2019 indicated using the EXCEL template provided: 1. Gross profit percentage 2. Return on sales 3. Asset turnover 4. Return on assets 5. Return on common stockholders’ equity 6. Current ratio 7. Quick ratio 8. Operating-cash-flow-to-current-liabilities ratio 9. Accounts receivable turnover Total assets 2020 = $30,806.7 Total stockholders’ equity 2020 = $8,349.5 Total current liabilities 2020 = $7,491.5 Accounts receivable 2020 = $1,615.1 Inventory 2020 = $1,426.3 Year-end closing stock price May 2020 = $58.80 Year-end closing stock price May 2019 = $53.56

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
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Using the fiscal year end 2020 annual report for General Mills, Inc. and the figures from the
2020 annual report as noted below, calculate the financial ratios for 2020 and 2019 indicated
using the EXCEL template provided:
1. Gross profit percentage
2. Return on sales
3. Asset turnover
4. Return on assets
5. Return on common stockholders’ equity
6. Current ratio
7. Quick ratio
8. Operating-cash-flow-to-current-liabilities ratio
9. Accounts receivable turnover

Total assets 2020 = $30,806.7
Total stockholders’ equity 2020 = $8,349.5
Total current liabilities 2020 = $7,491.5
Accounts receivable 2020 = $1,615.1
Inventory 2020 = $1,426.3
Year-end closing stock price May 2020 = $58.80
Year-end closing stock price May 2019 = $53.56

Percentages and Ratios 2019 (a) 2018 2017 2016 2015 (b) Operating data: Net sales S 16,865.2 5,756.8 $ 15,740.4 5,435.6 S 15,619.8 5,567.8 $ 16,563.1 5,843.3 S 17,630.3 Gross margin (c) (d) Selling, general, and administrative expenses (d) Operating profit (d) Net earnings attributable to General Mills Advertising and media expense Research and development expense Average shares outstanding: Diluted 5,967.8 2,935.8 2,515.9 1,752.7 601.6 3,389.9 2,071.8 1,221.3 823.1 229.4 2,850.1 2,419.9 2,131.0 575.9 219.1 2,888.8 2,492.1 1,657.5 623.8 218.2 3,141.4 2,719.1 1,697.4 754.4 222.1 221.9 605.4 585.7 598.0 611.9 618.8 Earnings per share: Diluted 2.90 3.22 3.64 3.11 2.77 3.08 2.77 2.92 1.97 2.86 Adjusted diluted (c) (e) Operating ratios: Gross margin as a percentage of net sales (d) Selling, general, and administrative expenses as a percentage of net sales (d) 34.1% 34.5% 35.6% 35.3% 33.8% 17.4% 18.1% 18.5% 19.0% 19.2% Operating profit as a percentage of net sales (d) 14.9% 15.4% 16.0% 16.4% 11.8% Adjusted operating profit as a percentage of net sales (c) (d) (e) 16.9% 17.7% 16.6% 2.7% 17.6% 28.8% 16.8% 31.4% 15.7% Effective income tax rate Balance sheet data: 33.3% $ 3,787.2 30,111.2 $ 3,783.3 21,832.0 Land, buildings, and equipment Total assets Long-term debt, excluding current portion Total debt (c) 4,047.2 30,624.0 3,687.7 21,812.6 3,743.6 21,712.3 11,624.8 14,490.0 12,668.7 15,818.6 7,642.9 9,481.7 7,057.7 8,430.9 7,575.3 9,191.5 Cash flow data: Net cash provided by operating activities () Саpital expenditures 2,807.0 537.6 2,841.0 622.7 2,415.2 684.4 2,764.2 729.3 2,648.5 712.4 Free cash flow (c) 2,269.4 2,218.3 1,730.8 2,034.9 1,936.I Share data: Cash dividends per common share (a) In fiscal 2018, we acquired Blue Buffalo. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report. (b) Fiscal 2015 was a 53-woek year, all other fiscal years were 52 weeks. (c) Please see "Glossary" in ltem 8 of this report for definition. (d) In the first quarter of fiscal 2019, we retrospectively adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense. Please see Note 2 to the Consolidated Financial Statements in Item 8 of this report. (e) Please see "Non-GAAP Measures" in Item 7 of this report for our discussion of this measure not defined by generally accepted accounting 1.96 1.96 1.92 1.78 1.67 a S
Transcribed Image Text:Percentages and Ratios 2019 (a) 2018 2017 2016 2015 (b) Operating data: Net sales S 16,865.2 5,756.8 $ 15,740.4 5,435.6 S 15,619.8 5,567.8 $ 16,563.1 5,843.3 S 17,630.3 Gross margin (c) (d) Selling, general, and administrative expenses (d) Operating profit (d) Net earnings attributable to General Mills Advertising and media expense Research and development expense Average shares outstanding: Diluted 5,967.8 2,935.8 2,515.9 1,752.7 601.6 3,389.9 2,071.8 1,221.3 823.1 229.4 2,850.1 2,419.9 2,131.0 575.9 219.1 2,888.8 2,492.1 1,657.5 623.8 218.2 3,141.4 2,719.1 1,697.4 754.4 222.1 221.9 605.4 585.7 598.0 611.9 618.8 Earnings per share: Diluted 2.90 3.22 3.64 3.11 2.77 3.08 2.77 2.92 1.97 2.86 Adjusted diluted (c) (e) Operating ratios: Gross margin as a percentage of net sales (d) Selling, general, and administrative expenses as a percentage of net sales (d) 34.1% 34.5% 35.6% 35.3% 33.8% 17.4% 18.1% 18.5% 19.0% 19.2% Operating profit as a percentage of net sales (d) 14.9% 15.4% 16.0% 16.4% 11.8% Adjusted operating profit as a percentage of net sales (c) (d) (e) 16.9% 17.7% 16.6% 2.7% 17.6% 28.8% 16.8% 31.4% 15.7% Effective income tax rate Balance sheet data: 33.3% $ 3,787.2 30,111.2 $ 3,783.3 21,832.0 Land, buildings, and equipment Total assets Long-term debt, excluding current portion Total debt (c) 4,047.2 30,624.0 3,687.7 21,812.6 3,743.6 21,712.3 11,624.8 14,490.0 12,668.7 15,818.6 7,642.9 9,481.7 7,057.7 8,430.9 7,575.3 9,191.5 Cash flow data: Net cash provided by operating activities () Саpital expenditures 2,807.0 537.6 2,841.0 622.7 2,415.2 684.4 2,764.2 729.3 2,648.5 712.4 Free cash flow (c) 2,269.4 2,218.3 1,730.8 2,034.9 1,936.I Share data: Cash dividends per common share (a) In fiscal 2018, we acquired Blue Buffalo. Please see Note 3 to the Consolidated Financial Statements in Item 8 of this report. (b) Fiscal 2015 was a 53-woek year, all other fiscal years were 52 weeks. (c) Please see "Glossary" in ltem 8 of this report for definition. (d) In the first quarter of fiscal 2019, we retrospectively adopted new accounting requirements related to the presentation of net periodic defined benefit pension expense, net periodic postretirement benefit expense, and net periodic postemployment benefit expense. Please see Note 2 to the Consolidated Financial Statements in Item 8 of this report. (e) Please see "Non-GAAP Measures" in Item 7 of this report for our discussion of this measure not defined by generally accepted accounting 1.96 1.96 1.92 1.78 1.67 a S
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