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
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ISBN:9781259964947
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Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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