1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jek_recluse [69]
3 years ago
8

Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods s

uch as frozen waffles and cereal bars. Suppose the following items were taken from its 2014 income statement and balance sheet. (All dollars are in millions.)
Type of Account Account Name Dollar Amount
Stockholders' Equity Retained earnings $5,481
Expense Cost of goods sold 7,184
Expense Selling and administrative expenses 3,390
Asset Cash 334
Liability Notes payable 44
Expense Interest expense 295
Liability Bonds payable 4,835
Asset Inventory 910
Revenue Sales revenue 12,575
Liability Accounts payable 1,077
Stockholders' Equity Common stock 105
Expense Income tax expense 512
Prepare an income statement for Kellogg Company for the year ended December 31, 2014.
Business
1 answer:
Cloud [144]3 years ago
6 0

Answer:

Please see answer in the explanation column.

Explanation:

Given,  

Type of Account----- Account Name --- Amount in dollars  

Stockholders' Equity--- Retained earnings ----$5,481  

Expense----- Cost of goods sold ----$7,184  

Expense---- Selling and administrative expenses ----$3,390  

Asset ---Cash -----$334

Liability -----Notes payable---- $44  

Expense---- Interest expense----$ 295  

Liability---- Bonds payable----$ 4,835  

Asset---- Inventory---- $910  

Revenue---- Sales revenue----$12,575

Liability ----Accounts payable---- $1,077  

Stockholders' Equity--- Common stock---- $105

Expense---- Income tax expense -----$512

Journal for income statement for Kellogg Company for the year ended December 31, 2014.

Revenue----  

Sales revenue----$12,575  

Expenses

Cost of goods sold ----$7,184

Selling and administrative expenses $3,390

Interest expense---- $295  

Income tax expense -----$512

Total Expense---$11,381

Net Income = Total Revenue –  Total Expense= $1,194

You might be interested in
The Campus Crustacean Company receives $2 per box for its crawfish and is selling 1,600 boxes to maximize its profits. What is t
erik [133]

Answer:

Profit per box of crawfish $0.25

Explanation:

To calculate the Total profit, we can solve the expression;

Total profit=Total selling price-Total purchase price

where;

Total purchase price=(Variable cost per box×number of boxes purchased)+Total fixed costs

Total purchase price=(1×1600)+1,200=$2,800

Total selling price=Selling price per box×number of boxes

Total selling price=(2×1600)=$3,200

replacing in the expression;

Total profit=Total selling price-Total purchase price

Total profit=($3,200-$2,800)=$400

Total profit=$400

To calculate the profit per box;

Total profit=profit per box(p)×number of boxes sold

400=p××1600

p=400/1600=0.25

Profit per box=p=$0.25 per box

7 0
3 years ago
In making single-asset real estate investment decisions, the first pass often involves calculating a series of returns, ratios,
Lostsunrise [7]

Answer:

C. They fail to incorporate cash flows beyond the first year of the analysis.

6 0
3 years ago
Debit balance with binod rs.50000​
Doss [256]

Answer:

what?

Explanation:

7 0
2 years ago
Read 2 more answers
The difference between errors in the financial statemetns as compared to fraud is
Nataly [62]
Hello there!

There is quite a HUGE difference between these both. When being frauded or making a fraud, this would also be known as stealing money.

But when making a mistake in a statement, they can be things resolved faster than if a person were to steal money. When making this mistake, you could resolve this by explaining why this was a mistake and also what could you do to fix it as well.

Both of these kind of acts are seriously two major different things, they have nothing in common.

4 0
3 years ago
Under what conditions would you recommend using each of these funding methods to pay for information systems expenses: allocatio
Arada [10]

Answer:

The conditions under which each funding method for paying for IT system expenses would be recommended are:

Allocation method is preferred to other methods when actual usage cannot be captured but, some other cost drivers can be used as the allocation bases.

Chargeback method works better than others when actual usage by each unit can be accurately captured.

Explanation:

The Allocation Funding Method charges IT costs to individuals, departments, or business units based on revenues, number of employees, and other cost drivers and not based on usage. It is often used when actual usage cannot be recorded.

The chargeback method charges IT costs to individuals, departments, or business units based on their actual usage of the IT services.  With wide variation in IT usage, business units need to be charged their actual costs consumed.

The corporate budget method allocates IT cost based on a periodic predetermined rate. It is used where unit managers need to be given control over their budgets, enabling them to search for cost-saving technologies.

6 0
2 years ago
Other questions:
  • One of the benefits of career planning as a young adult is
    5·1 answer
  • An industrial tool manufacturer relies on a particular distributor network. This distributor network has the largest online outl
    15·1 answer
  • Jose Inc. reports the following balances and amounts. The following information is presented in random order (amounts are in dol
    7·1 answer
  • Explain how each of the following changes the money supply. a. the Fed buys bonds b. the Fed auctions credit c. the Fed raises t
    15·1 answer
  • For more than 20 years, the Fed has used the federal funds rate as its monetary policy target. It has not targeted money supply
    6·1 answer
  • Dr. Evil presents the sound of a buzzer to his pet rabbit, and he follows it with the delivery of a small electric shock. After
    13·1 answer
  • This is an example of an?
    7·1 answer
  • Volleyball helps people reach their fitness goals by __________. A. using teamwork to win B. improving balance and agility C. im
    13·2 answers
  • while shopping grey spend 90% of the money she had if she has $4,500 on shopping what was amount of money spent​
    15·1 answer
  • The minimum amount (planned) of fuel to be aboard a domestic flight within the 48 contiguous united states, after reaching the m
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!