Refer to the financial information for Kelloggs and General Mills reproduced at the end of the book

Question:

Refer to the financial information for Kellogg’s and General Mills reproduced at the end of the book for the information needed to answer the following questions.

Required
1. Locate the note in each company’s annual report in which it discusses revenue recognition. How does each company describe the point at which it recognizes revenue from customers? Are there any significant differences in the organizations’ revenue recognition policies?
2. What dollar amount does Kellogg’s report for on its most recent balance sheet? What percent of the company’s total current assets are comprised of What is the dollar amount of General Mills’s receivables on its most recent balance sheet? What percent of total current assets is comprised of receivables? For which company does its receivables constitute a higher percentage of its total current assets?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...