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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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E1-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and 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 Bonds payable Inventory Sales revenue $5,481 7,184 $ 4,835 910 12,575 1,077 Accounts payable Common stock Income tax expense 3,390 Cash 334 105 Notes payable Interest expense 44 498 295 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.
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