Question

Suppose the following items were taken from the balance sheet of Nike, Inc. All dollars are in millions.) 1. Cash $2,184.1 7. Inventory Income taxes payable $2,327.2 80.3 2. Accounts receivable 2,684.2 8. 3. Common stock %. Equipment 1,702.2 2,800.3 301.4 4. Notes payable 10. Retained earnings 5.876.9 5. Bulldings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each 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 up to 1 decimal place, cg. 45.5 million) Cash Accounts receivable Common stock Notes payable Buildings Mortgage payable Inventory Income taxes payable Equipment Retained earnings Accounts payable Assets Liability Stockholders' equity $ Determine Nike's accounting equation by calculating the value of total assets, total liabilities, and total stockholders' equity. (Enter amounts in millions up to 1 decimal place, e.g. 45.5 million.) Total assets - Total liabilities + Total stockholders' equity

Answer 1

Assets	Cash
Assets	Accounts receivable
Stockholder's Equity	Common stock
Liabilities	Notes payable
Assets	Building
Liabilities	Mortgage payable
Assets	Inventory
Liabilities	Income taxes payable
Assets	Equipment
Stockholder's Equity	Retained earnings
Liabilities	Accounts payable

		Amount
Assets	Cash	2,184.1
Assets	Accounts receivable	2,684.2
Assets	Building	3,704.7
Assets	Inventory	2,327.2
Assets	Equipment	1,702.2
Total Assets		$12,602.4

		Amount
Liabilities	Notes payable	301.4
Liabilities	Mortgage payable	1,122.9
Liabilities	Income taxes payable	80.3
Liabilities	Accounts payable	2,420.6
Total Liabilities		$3,925.2

		Amount
Stockholder's Equity	Common stock	2,800.3
Stockholder's Equity	Retained earnings	5,876.9
Total Stockholder's Equity		$8,677.2

Assets	$12,602.40
Liabilities	$3,925.20
Stockholder's equity	$8,677.20

Total assets	-	Total liabilities	+	Total stockholder's equity
$12,602.40	-	$3,925.20	+	$8,677.20

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