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The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 1,897 Accounts receivable (net) 3,131 Accrued
The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):
Accounts payable | 1,897 | |
Accounts receivable (net) | 3,131 | |
Accrued liabilities | 4,105 | |
Cash and cash equivalents | 162 | |
Cost of goods sold | 17,531 | |
Other current payables | 1,652 | |
Current portion of long-term debt | 540 | |
Other long-term liabilities | 10,311 | |
Retained earnings as of 12/31/2021 | 2,391 | |
Goodwill and other intangible assets (net) | 35,957 | |
Salaries expense | 1,565 | |
Interest and other debt expense, net | 1,437 | |
Inventories | 3,026 | |
Long-term debt | 8,134 | |
Long-term notes payable | 5,000 | |
Marketing, general and administration expenses | 11,460 | |
Operating revenues | 33,875 | |
Other current assets | 687 | |
Other noncurrent assets | 3,726 | |
Other shareholders' equity | (2,568 | ) |
Common stock | 23,655 | |
Property, plant and equipment (net) | 9,109 | |
Short-term borrowings | 681 | |
Required: Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2021.
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