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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.
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 2022 income statement and balance sheet. (All dollars are in millions.) Retained earnings $6,000 Bonds payable $5,600 Cost of goods sold 7,270 Inventory 840 Selling and administrative expenses 3,510) Sales revenue 12,700 Cash 330 Accounts payable 1.160 Notes payable 40 Common stock 130 Interest expense 380 Income tax expense 462 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense. v Retained earnings Cost of goods sold v 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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