I have case study for GM, It is due on Sunday 26 . it is requires 4-5 sentences each questions a to j

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I have case study for GM, It is due on Sunday 26 . it is requires 4-5 sentences each questions a to j

Answered Same DayJun 24, 2022

Answer To: I have case study for GM, It is due on Sunday 26 . it is requires 4-5 sentences each questions a to...

Prince answered on Jun 25 2022
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a. General Mills, Inc. has three business segments: 1. Ready-to-eat cereals, dinners, yoghurt, organic foods, etc. are sold in U.S. retail stores. 2. The international section includes retail operations in Latin America, Asia/Pacific, Europe, and Canada. 3. Bakeries and foodservice businesses sell to convenience stores, retail bakeries, and wholesale bakeries. The corporation makes money by creating a variety of goods and selling them around the world.
b. b. For the purpose of external reporting, the balance sheet, income statement, statement of shareholders' equity, and cash flow statements are frequently created. These statements are titled "consolidated balance sheets," "consolidated statement of earnings," and "consolidated statement of cash flows" by General Mills. Consolidated financial statements includes General Mills' affiliated businesses. As a result, the balance statement is referred to as the consolidated balance sheet of General Mills, Inc. and Subsidiaries. Consolidated statements for earnings & comprehensive income for General Mills, Inc. and its subsidiaries are also referred to as the other financial statements.
c. Quarterly 10-Q and 10-K financial statements are required by the Securities & Exchange Board (SEC). Based on this schedule, all publicly traded companies must prepare its financial statements meeting external reporting requirements.
d. d. General Mills, Inc.'s management is in charge of ensuring the truth and fairness of consolidated financial statements. Investors, lenders, vendors, employees, competitors, consumers, and authorities who would like a better knowledge of the company's financial condition and related performances could be potential users of all this financial statement. Users are probably looking for data to evaluate a company's liquidity, solvency, risk, return, etc. A balance sheet might give them more details about the company's financial situation and the cash on hand to settle a loan. From the cash flow statement, they can learn how the usage of cash was distributed among various activities. Information on the company's revenues and costs may be found in the income statement. Users can learn information about dividend payments and retained earnings.
e. The independent auditor for General Mills is KPMG LLP. According to the first opinion letter, General Mills and its affiliates had kept good internal control. The company's consolidated financial statements & financial statement schedule were reportedly examined by KPMG, according to the other opinion letter. The accounting firm made sure that General Mills' financial statements met US GAAP standards and were properly presented throughout all material respects. According to these assessments, the business...
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