Prepare the closing entries for Kraft Foods Company for the year ended December

Question

Prepare the closing entries for Kraft Foods Company for the year ended December 31, 2013.

Accounts payable 1,897 Accounts receivable (net) 3,131 Accrued liabilities and taxes 4.105 Cash and cash equivalents 162 Cost of sales 17,531 Current payables to parent and affiliates 1,652 Current portion of long-term debt 540 Deferred income taxes and other liabilities 10,311 Earnings retained in the business as of 1231 13 2,391 Goodwill and other intangible assets (net) 35,957 Income tax expense 1,565 Interest and other debt expense. net 1,437 Inventories 3,026 Long-term debt 8,134 Long-term notes payable to parent and affiliates 5,000 Marketing, general and administration expenses 11,460 Operating revenues 33,875 Other current assets 687 Other noncurrent assets 3,726 Other stockholders? equity (2,568) Paid-in capital for common and preferred stock 23,655 Property, plant and equipment (net) 9,109 Short-term borrowings 681

Explanation / Answer

Prepare the closing entries for Kraft Foods Company for the year ended December

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