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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

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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. Suppose the following items were taken from its 2025 income statement and balance sheet. (All dollars are in millions.) Retained earnings $4,300 Bonds payable $4,400 Cost of goods sold 7,380 Inventory 720 Selling and administrative expenses 3,260 Sales revenue 13,000 Cash 340 Accounts payable 1,170 Notes payable 50 Common stock 130 Interest expense 290 Income tax expense 621 (a)

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