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El-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.) Retained earnings Cost of goods sold Selling and administrative expenses Cash Bonds payable Inventory Sales revenue Accounts payable $5,481 7,184 $ 4,835 910 12,575 1,077 3,390 334 Common stock 105 Notes payable Interest expense 44 Income tax expense 498 295 Instructions Perform each of the following. (a) In each case, identify whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E). (b) Prepare an income statement for Kellogg Company for the year ended December 31, 2014

El-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.) Retained earnings Cost of goods sold Selling and administrative expenses Cash Bonds payable Inventory Sales revenue Accounts payable $5,481 7,184 $ 4,835 910 12,575 1,077 3,390 334 Common stock 105 Notes payable Interest expense 44 Income tax expense 498 295 Instructions Perform each of the following. (a) In each case, identify whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E). (b) Prepare an income statement for Kellogg Company for the year ended December 31, 2014

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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El-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.) Retained earnings Cost of goods sold Selling and administrative expenses Cash Bonds payable Inventory Sales revenue Accounts payable $5,481 7,184 $ 4,835 910 12,575 1,077 3,390 334 Common stock 105 Notes payable Interest expense 44 Income tax expense 498 295 Instructions Perform each of the following. (a) In each case, identify whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E). (b) Prepare an income statement for Kellogg Company for the year ended December 31, 2014
Transcribed Image Text:El-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.) Retained earnings Cost of goods sold Selling and administrative expenses Cash Bonds payable Inventory Sales revenue Accounts payable $5,481 7,184 $ 4,835 910 12,575 1,077 3,390 334 Common stock 105 Notes payable Interest expense 44 Income tax expense 498 295 Instructions Perform each of the following. (a) In each case, identify whether the item is an asset (A), liability (L), stockholders' equity (SE), revenue (R), or expense (E). (b) Prepare an income statement for Kellogg Company for the year ended December 31, 2014
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