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The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions): Accounts payable 1,997 Accounts receivable (net) 3,231 Accrued
The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):
Accounts payable | 1,997 | ||
Accounts receivable (net) | 3,231 | ||
Accrued liabilities | 4,205 | ||
Cash and cash equivalents | 172 | ||
Cost of goods sold | 17,631 | ||
Other current payables | 1,752 | ||
Current portion of long-term debt | 550 | ||
Other long-term liabilities | 10,411 | ||
Retained earnings as of 12/31/2021 | 2,491 | ||
Goodwill and other intangible assets (net) | 36,257 | ||
Salaries expense | 1,665 | ||
Interest and other debt expense, net | 1,537 | ||
Inventories | 3,126 | ||
Long-term debt | 8,234 | ||
Long-term notes payable | 5,100 | ||
Marketing, general and administration expenses | 11,560 | ||
Operating revenues | 34,375 | ||
Other current assets | 697 | ||
Other noncurrent assets | 3,826 | ||
Other shareholders equity | (2,668 | ) | |
Common stock | 23,755 | ||
Property, plant and equipment (net) | 9,209 | ||
Short-term borrowings | 691 | ||
Required: Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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