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Blossom 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
Blossom 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 2017 income statement and balance sheet. (All dollars are in millions.) $5,500 7,040 Retained eamings Cost of goods sold Selling and administrative expenses 3,410 Cash Notes payable Interest expense Bonds payable Inventory Sales revenue Accounts payable Common stock Income tax expense 380 40 210 4,300 930 12,600 1,130 130 410 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense Retained earnings Cost of goods sold Selling and administrative expenses Cash Notes payable Interest expense Bonds payable Inventory Sales revenue Accounts payable Common stock Income tax expense
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