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General Mills Inc Financial Accounting Case Study Module 1 A General Mills Consolidated Statements of Earnings 1 The recorded sale amount of almost 8 billion is not the actual amount of cash collected The amount of 8 billion includes cash and credit sales 2 Sales increased each year from 2000 to 2002 The difference between the year 2000 and 2001 was a 535 increase 5450-51735173 0535 The difference between the year 2001 and 2002 was a 4585 increase 7949-54505450 4585 3 The largest expense for General Mills for the years 2000 2001 and 2002 was the same over 50 of the revenue each year went towards the cost of sales Sales in 2002 were the largest about 7 more than the two previous years 2000 26985173 522 522 2001 28415450 521 521 2002 47677949 599 599 4 Net Income 2000 614 million 2001 665 million 2002 458 million When comparing the net income figures for the past three years it is seen that between 2000 and 2001 the net income increased by 51 million but between 2001 and 2002 the net income decreased by 207 million 5 A companys stock price is usually influenced by the amount of net income because when finding the price of the stock you must divide the number of stocks by the net income So the higher the net income the lower the price of stocks which is what buyers look for means better profit 6 Even though General Mills paid dividends in 2000 2001 and 2002 the corresponding total dividend payments did not appear as an expense on the income statement because dividends are not an expense they are a financing activity that is reported on the statement of stockholders equity They are payments that are made to only the owners of the company B General Mills Consolidated Balance Sheets 7 A company has assets so that
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