Reading and Interpreting Kellogg’s Financial Statements Refer to the financial statements for Kellogg’s reproduced in the chapter and answer the following questions. 1. What was the company’s net...

Reading and Interpreting Kellogg’s Financial Statements

Refer to the financial statements for Kellogg’s reproduced in the chapter and answer the following

questions.

1. What was the company’s net income for 2010?

2. State Kellogg’s financial position on January 1, 2011, in terms of the accounting equation.

3. By what amount did Property, net, increase during 2010? Explain what would cause an

increase in this item.