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Question - Kellogg Company is the world's leading producer of ready-to-eat cereal products. In recent years, the company has taken numerous steps aimed at improving its profitability and earnings per share. Presented below are some basic facts for Kellogg.
(in millions)
Current Year
Prior Year
Net sales
$14,792
$14,580
Net income
1807
632
Total assets
15,474
15,153
Total liabilities
11,867
12,302
Common stock, $0.25 par value
105
Capital in excess of par value
626
678
Retained earnings
6749
6689
Treasury stock, at cost
2999
3470
Number of shares outstanding (in millions)
363
358
Instructions -
a. What are some of the reasons that management purchases its own stock?
b. Explain how earnings per share might be affected by treasury stock transactions.
c. Calculate the debt to assets ratio for the current year and the prior year, and discuss the implications of the change.
1.On December 31, 2012, Ainsworth, Inc., had 600 million shares of common stock outstanding.
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