1Heat oven to 375ºF. Crush cereal; set aside. In large bowl, mix sugar, shortening, milk, vanilla and egg. Stir in flour, baking powder, baking soda and salt. Stir in raisins and nuts.
2Drop dough by teaspoonfuls into crushed cereal; roll gently until completely coated. Place cookies about 2 inches apart on ungreased cookie sheet. Press cherry into each cookie.
3Bake 10 to 12 minutes or just until set. Immediately remove from cookie sheet to wire rack.