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Category > Accounting Posted 25 Aug 2017 My Price 9.00

Kellogg Company

Exercise 13-6 Liquidity Analyses for Kellogg’s and General Mills

The following information was summarized from the balance sheets included in the 2012 Form 10-K of Kellogg Company and Subsidiaries at December 29, 2012, and General Mills, Inc., and Subsidiaries at May 27, 2012:

(in millions)                                                                             Kellogg’s           General Mills

 

Cash and cash equivalents

$   281

 

$   471.2

 

Accounts receivable, net*

1,454

 

1,323.6

 

Inventories

1,365

 

1,478.8

 

Deferred income taxes

0

 

59.7

 

Prepaid expenses and other current    assets**

280

 

358.1

 

Total  current assets

$3,380

 

$3,691.4

 

Total current liabilities

$4,523

 

$3,843.2

 

*Described as ‘‘receivables’’ by General Mills.

**Described as ‘‘other current assets’’ by Kellogg’s.

 

 

 

 

Required

1.        Using the information provided, compute the following for each company at the end of 2012:

a.      Current ratio

b.      Quick ratio

2.        Kellogg’s reported net cash provided by operating activities of $1,758 million during 2012. General Mills reported net cash provided by operating activities of $2,402.0 million. Total current liabilities reported by Kellogg’s at December 31, 2011, and General Mills at May 29, 2011, were $3,313 million and $3,659.2 million, respectively. Compute the cash flow from operations to current liabilities ratio for each company for 2012.

3.        Comment briefly on the liquidity of each of these two companies. Which appears to be more liquid?

4.        What other ratios would help you more fully assess the liquidity of these companies?

 

LO4

EXAMPLE 13-7, 13-8,  13-9

 

 

 

 

 

Answers

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Status NEW Posted 25 Aug 2017 12:08 AM My Price 9.00

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