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Question - 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
$4,500
Bonds payable
$5,600
Cost of goods sold
6,590
Inventory
860
Selling and administrative expenses
3,250
Sales revenue
12,600
Cash
360
Accounts payable
1,130
Notes payable
60
Common stock
120
Interest expense
300
Income tax expense
738
Required - In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense.
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