Homework Set 1 - E1-10 Correct Kellogg Company is the...

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E1-10 Correct.      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  $2,701.3 Expense      Cost of goods sold 5,298.7 Expense      Selling and administrative expenses 2,634.1 Assets      Cash 417.4 Liabilities      Notes payable 709.7 Expense      Interest expense 308.6 Liabilities      Long-term debt 3,892.6 Assets      Inventories 681.0 Revenue      Net sales 9,613.9 Liabilities      Accounts payable 767.2 Stockholders' Equity      Common stock 103.8 Expense      Income tax expense 475.3 Expense      Other expense 6.6 Determine net income for the  Kellogg Company  for the year ended December 31, 2004 (in millions).  $ 890.6  E1-14 Correct.      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.) 
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