Review the financial report of General Mills, Inc., in Appendix B.

Required Prepare a short report analyzing each of the following issues.
A. What were the accrual and cash basis results of operating activities for 2002? Explain any major differences between the two results.
B. Inspect the balance sheet to identify which current assets and liabilities increased and decreased during 2002. What was the amount of cash collected from customers during 2002?
C. What have been the relative amounts and trends in net income and cash flow from operating activities over the 2000–2002 period? What accounts for the differences you observe?
D. How would you assess the company’s financial performance for 2002?

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