e Which company had more depreciation and amortization expense for 2014? Provide a rationale as to why there is a Financial Statement Analysis Case Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast difference in these amounts between the two companies. cereals and convenience foods including cookies, toaster pastries, and cereal bars. Selected data from Kellogg Company's 2014 annual report follows (dollar amounts in millions) 2013 2012 $ 14,197 38.28 1,562 1,225 961 2014 Sales Gross profit % Operating profit Net cash flow less capital expenditures Net earnings $ 14,580 34.73 1,024 1,211 633 $ 14,792 41.26 2,837 1,170 1,808 In its annual reports, Kellogg Company has indicated that it plans to achieve sustainability of its operating results with operating principles that emphasize profit-rich, sustainable sales growth, as well as cash flow and return on invested capital. Kellogg believes its steady earnings growth, strong cash flow, and continued investment during a multi-year period demonstrates the strength and flexibility of its business model. Instructions (a) Compute the percentage change in sales, operating profit, net cash flow less capital expenditures, and net earnings from year to year for the years presented. (b) Evaluate Kellogg's performance. Which trend seems most favorable? Which trend seems least favorable? What are the implications of these trends for Kellogg's sustainable performance objectives? Explain. Accounting, Analysis, and Principles to Theater is nearing the end of the year and is preparing for a meeting with is bankers to discuss the renewal of a loan. The e accounts listed below appeared in the December 31, 2017, trial balance