Reference no: EM13482928

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. The following items were taken from its 2009 income statement and balance sheet. All dollars are in millions.

____ Retained earnings	$5,481	____ Long-term debt	$4,835
____ Cost of goods sold	7,184	____ Inventories	910
____ Selling and	3,390	____ Net sales	12,575
administrative expenses	334	____ Accounts payable	1,077
____ Cash	44	____ Common stock	105
____ Notes payable	295	____ Income tax expense	476
____ Interest expense		____ Other expense	22

Instructions

Perform each of the following.

(a) In each case identify whether the item is an asset (A), liability (L), stockholders" equity (SE), revenue (R), or expense (E).

(b) Prepare an income statement for Kellogg Company for the year ended December 31, 2009.