Question

Suppose the following items were taken from the balance sheet of Nice, Inc. (A dollars are in millions 7. $2.300.0 1 2 Cash Accounts receivable $2,300.0 2.700. 0 2.970. 0 330.0 2.800.0 1.200.0 900 17000 Tentory i ncomstans payable Esimene Reained earnings Accounts payable 9. 10 11 4. Notes payable 5. Building 6. Mortgage payabls 6,090.0 Perform cach of the following Classify each of these items as an asset, liability or stockholders' equity and determine the total dollar amount for each classification (Enter amounts in millions to 1 decimal place . 45.5 million) V Accounts receivable Common stock Notes payable Buildings Mortgage payable Inventory Income taxes payable Equipment Retained earnings Accounts payable Latity Stockholders' sultys

Answer 1

Classification
Assets:		Liability:
Cash	$2,300	Accounts payable	$2,220
Accounts receivable	$2,700	Income taxes payable	$90
Inventory	$2,300	Note payable	$330
		Mortgage payable	$1,200
Building	$3,800	Total liabilities	$3,840
Equipment	$1,700
		Common stock	$2,870
		Retained earnings	$6,090
		Total stockholders' Equity	$8,960
Total Asset	$12,800	Total Liabilities & Stockholders' Equity	$12,800

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Assets: $12800 million

Liabilities: $3840 million

Stockholders' Equity: $8960 million