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 2025 income statement and balance sheet. (All dollars are in millions.)

Instructions

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, 2025.

Transcribed Image Text:

Retained earnings Cost of goods sold Selling and administrative expenses Cash Notes payable Interest expense $5,481 7,184 3,390 334 44 295 Bonds payable Inventory Sales revenue Accounts payable Common stock Income tax expense $ 4,835 910 12,575 1,077 105 498