Reference no: EM132934933
Question - The following information, based on the 12/31/2021 Annual Report to Shareholders of Krafty Foods ($ in millions):
Accounts payable 1,897
Accounts receivable (net) 3,131
Accrued liabilities 4,105
Cash and cash equivalents 162
Cost of goods sold 17,531
Other current payables 1,652
Current portion of long-term debt 540
Other long-term liabilities 10,311
Retained earnings as of 12/31/20 212,391
Goodwill and other intangible assets (net) 35,957
Salaries expense 1,565
Interest and other debt expense, net 1,437
Inventories 3,026
Long-term debt 8,134
Long-term notes payable 5,000
Marketing, general and administration expenses 11,460
Operating revenues 33,875
Other current assets 687
Other noncurrent assets 3,726
Other shareholders' equity (2,568)
Common stock 23,655
Property, plant and equipment (net) 9,109
Short-term borrowings 681
Required - Based on the information presented above, prepare the Income Statement for Krafty Foods for the year ended December 31, 2021?
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