CRITICAL THINKING Financial Analysis on the Web: General Mills, Inc. The fiscal
ID: 2571604 • Letter: C
Question
CRITICAL THINKING Financial Analysis on the Web: General Mills, Inc. The fiscal year 2014 annual eral Mills, Inc. is available on this book's Website. Refer to the consolidated state ings, the consolidated balance sheets, and Notes 8 and 15. report of Gen mentcf EYK10-5. eam- Required a. What was the total dollar amount of current liabilities as of May 25, 2014? b. What percent of long-term debt was considered current as of May 25, 2014? c. What were the current ratio and quick ratio as of May 25, 2014? d. What is the total amount of long-term liabilities reported by General Mills as of May 25 2014? How much principal payments on the long-term debt is General Mills anticipating paying in fiscal year 2015? e. . Are General Mills' leases capital leases or operating leases? ExplainExplanation / Answer
(a) What was the total dollar amount of current liabilities as of May 25, 2014?
Answer: $5423.5 Millions
(b) What percent of long term debt was considered current as of May 25, 2014?
Answer: =1250.6 / 7,674.1
..............= 16.30%
(c) What were the current ratio and quick ratio as of May 25, 2014?
Current Ratio = Current Assets / Current Liabilities
......................= $4,393.5 / $5,423.5
......................= 0.81
Quick ratio = ($867.3 + $1,483.6) / $5,423.5
......................= 0.43
(d) Long term liabilities = $6,423.5 Million
(e) Principal payments on the long term debt in 2015 = $1,250.6 Million
(f) General Mills leases are operating leases.