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E1-10Correct. 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 2004 income statement and balance sheet. All dollars are in millions. In each case identify whether the item is an asset, liability, stockholders' equity, revenue, or expense. Stockholders' Equity Retained earnings $2,701.3Expense Cost of goods sold5,298.7Expense Selling and administrative expenses2,634.1Assets Cash417.4Liabilities Notes payable709.7Expense Interest expense308.6Liabilities Long-term debt3,892.6Assets Inventories681.0Revenue Net sales9,613.9Liabilities Accounts payable767.2Stockholders' Equity Common stock103.8Expense Income tax expense475.3Expense Other expense6.6Determine net income for the Kellogg Company for the year ended December 31, 2004 (in millions). $ 890.6 E1-14Correct. The following items were taken from the balance sheet of Nike, Inc. Classify each of these items as an asset, liability, or stockholders' equity. (All dollars are in millions.) Asset 1. Cash ... View Full Document

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