General Mills Essay - 1872 Words

Answers for Concept Questions: a) General Mills is a leading producer of packaged consumer foods. According to the financial statements, General Mills makes most of the money from sales. They have 3 segments: US Retail, International and Bakeries and Food Services. b) 1) The following are the financial statements that are commonly prepared for external reporting purposes: * Balance Sheet * Income Statement * Statement of cash flows * Statement of Stockholder’s equity 2) General Mills gives the following titles for these financial statements: * Balance Sheet: Consolidated Balance Sheet * Income Statement: Consolidated Statement of Earnings * Statement of Cash Flows: Consolidated†¦show more content†¦The company’s financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects. A company’s internal control over financial reporting includes policies and procedures that pertain to the maintaining records accurately and fairly, provide reasonable assurance that the transactions are recorded according to the accepted accounting principles and the receipt and expenditures of the company being carried out with the authorization from management and directors of the company. The auditors also express an unqualified opinion for the consolidated financial statements which means that the auditors opinion of the financial statement, was given without any reservations. Such an opinion basically states that the auditor feels the company followed all accounting principles appropriately and that the financial reports are an accurate representation of the companys financial condition. f) Answers for (f) on the spreadsheet g) ( i ) Total Assets = $18207 Total Liabilities - $11299 Equity = $5772 Total Assets = Total Liabilities + Equity $18207 = $11299+ $5772 + $1136 (ii) General Mill’s major assets are Goodwill, Land Building and EquipmentShow MoreRelatedGeneral Mills826 Words   |  4 Pagesorganization founded in 1856 by Illinois Congressman Robert Smith which leased power rights to mills operating along Saint Anthony Falls on the Mississippi River. Cadwallader C. Washburn acquired the company shortly after its founding and hired his brother, William D. Washburn to assist in the companys development. In 1866, the Washburns got into the business themselves, building the Washburn B Mill at the falls. At the time, the building was considered to be so large and output so vast that itRead MoreGeneral Mills : An Organization2086 Words   |  9 PagesGeneral Mills is one of the major producers in consumer foods and it started off in 1866 with two flour mills (General Mills). In 1928 the compa ny merged several smaller milling companies together to create packaged food and began to form the company that it is today (General Mills, Inc.). General Mills has not shied away from selling, acquiring and establishing new brands to stay competitive in the global markets (*). In the past, General Mills has tried selling not just food but toys, jewelryRead MoreGeneral Mills ( Gm )2723 Words   |  11 PagesIntroduction: General Mills †¢ Headquartered in Minneapolis, Minnesota, General Mills (GM) is global manufacturer and marketer of branded consumer foods sold through retail stores †¢ Operates through 3 major segments: US Retail (59% of FY2014 net sales), International (30%) and Convenience Stores and Foodservice (11%) †¢ Manufactures its products in 16 countries and markets them in over 100 countries. †¢ Derives majority of its revenues from the US (66% in FY2014) †¢ Brands: In the US, General Mills has aRead MoreGeneral Mills: a History of Responsibility1083 Words   |  5 PagesGeneral Mills: A History Of Responsibility Officially taking the name in 1928, General Mills has become one of the largest food companies in the world. They own brands like Cheerios, Pillsbury, Yoplait, Green Giant, Betty Crocker, Old El Paso, Totino’s and Progresso. Since the creation of their corporation, General Mills have established themselves as a company that flourishes by being socially and economically responsible. Their mission is to lead by example, and by doing so hope to promoteRead MoreA Cost Analysis of General Mills1973 Words   |  8 PagesGENERAL MILLS, INCORPORATED A Cost Accounting Analysis COMPANY BACKGROUND General Mills (GSI) is the sixth largest food company in the world. The company currently operates in more than 100 foreign countries and employs over 35,000 people. . GSI manufactures and markets branded consumer foods worldwide and supplies branded and unbranded food products to the foodservice and commercial baking industries. The company manufactures cereals, yogurt, ready-to-serve soup, dry dinners, frozen vegetablesRead MoreGeneral Mills BCG Matrix Essay1214 Words   |  5 Pagesï » ¿BCG Matrix Analysis on General Mills Canada General Mills is a company that has many brands in the food industry, however, they are more famously known for their individual brands. Their primary brands include Cheerios, Nature Valley, Pillsbury, Green Giant, Old El Paso, Hamburger Helper, Betty Crocker and Yoplait (General Mills Canada). When these brands are organized into different categories, General Mills’ product mix is the result. Taken right from General Mills Canada website and how theyRead MoreGeneral Mills Inc. Executive Summary1129 Words   |  5 Pages| General Mills Inc. | Executive Summary | | Xiao(Cynthia) Chen | 2012/4/24 | | Executive Overview General Mills (NYSE:GIS), our company, is a global consumer foods company. We develop distinctive value-added food products and market with our unique brand names. We work continuously to improve our established products and to create new products that meet our customers’ potential needs and preferences. Our company has $14.88 billion in sales last year. Our sales has grown substantiallyRead MoreGeneral Mills Inc.: Where We Are Now Essay2804 Words   |  12 PagesIntroduction and Where We Are Now General Mills, Inc (GMI). produces and markets branded consumer foods globally. They also supply branded and unbranded food products to the foodservice and commercial banking industries. It offers ready-to-eat cereals, refrigerated yogurt, ready-to-serve soups, dry dinners, shelf stable and frozen vegetables, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grains, and fruit and savory snacks; a range of organic productsRead MoreGeneral Mills It3528 Words   |  15 PagesCorporate Information Technology Assessment of General Mills MGT 6530-Managerial Application of Technology The College of Saint Scholastica Executive Summary General Mills is one of the largest food companies in the world, and uses an extensive array of information technology (IT) to support its day-to-day operations. This paper focuses on three primary IT areas within General Mills: supply chain, data retention and marketing. Specific technologies reviewed for this assessment includeRead MoreGeneral Mills Analysis1563 Words   |  7 PagesFinancial Analysis: General Mills Inc. The following financial analysis is primarily focusing on the performance of General Mills Inc for the year 2010 when compared to 2009, but a historic trend of the past 5 financial years is also being taken into account. Balance Sheet Analysis: The Current Assets for GIS decreased for FY10 by nearly 2% compared to FY09, primarily due to a decline in quick assets, namely cash and cash equivalents. The company experienced a terrific growth period in FY08 when