Reading and Interpreting Kellogg’s Financial Statements Refer to the fi nancial statements for Kellogg’s reproduced in the chapter and answer the following questions.

1. What was the company’s net income for 2008?

2. State Kellogg’s fi nancial position on January 3, 2009, in terms of the accounting equation.

3. By what amount did Property, net, decrease during 2008? Explain what would cause a decrease in this item.

AppendixLO1