Solution-Identify whether the item is an asset or liability

Identify whether the item is an asset or liability

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Reference no: EM133104714

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.

Reference no: EM133104714

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Identify whether the item is an asset or liability

Reference no: EM133104714

Reference no: EM133104714

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