Formulating Financial Statements from Raw DataFollowing is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2011 ($ millions):Revenue $ 14,880.2Cash from operating activities 1,526.8Cash, beginning year 673.2Stockholders' equity 6,612.2Noncash assets 18,054.9Cash from financing activities* (865.3)Cost of goods sold 8,926.7Total expenses (other than cost of goods sold) 4,155.2Cash, ending year 619.6Total liabilities 12,062.3Cash from investing activities (715.1)*Cash from financing activities includes the effects of foreign exchange rate fluctuations.(a) Prepare the income statement, the balance sheet, and the statement of cash flows for General Mills for the fiscal year ended May 2011.Hint: Enter negative numbers only for answers in the statement of cash flows (if applicable).General Mills, Inc. Income Statement ($ millions)For Year Ended May 29, 2011Revenue $AnswerAnswerCash, ending yearTotal expensesCost of goods soldNoncash assets AnswerGross profit AnswerAnswerCash, ending yearTotal expensesCost of goods soldNoncash assets AnswerNet income $AnswerGeneral Mills, Inc. Balance Sheet ($ millions)May 29, 2011Assets LiabilitiesCash $Answer Total liabilities $AnswerAnswerCash, beginning yearNoncash assetsStockholders' equityNet income Answer AnswerCash, beginning yearNoncash assetsStockholders' equityNet income AnswerTotal assets $Answer Total liabilities and equity $AnswerGeneral Mills, Inc. Statement of Cash Flows ($ millions)For Year Ended May 29, 2011Cash from operating activities $AnswerAnswerNoncash assetsNet incomeCash, beginning yearCash from investing activities AnswerCash from financing activities AnswerNet change in cash AnswerAnswerNoncash assetsNet incomeCash, beginning yearCash from investing activities AnswerCash, ending year $Answer(b) Does the negative amount for cash from financing activities concern us? Explain. A negative amount for cash from financing activities implies that the company is unable to pay its debts as they come due and should be interpreted negatively. A negative amount for cash from financing activities is the result of additional borrowings. Because the additional funds are invested in earnings-generating assets, this should be viewed positively. A negative amount for cash from financing activities implies that the market value of the company's long-term debt has declined and this change should be viewed negatively. A negative amount for cash from financing activities reflects the reduction of long-term debt, which is a positive sign of the company’s ability to retire debt obligations.(c) Using the statements prepared for part a. compute the following ratios (for this part only, use the year-end balance instead of the average for assets and stockholders' equity):Round all answers to two decimal places (example for percentage answers: 0.12345 = 12.35%).(i) Profit marginAnswer%(ii) Asset turnoverAnswer(iii) Return on assetsAnswer%(iv) Return on equityAnswer%