Question

Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.)

1.	Cash		$2,153.5		7.	Inventory		$2,225.2
2.	Accounts receivable		2,694.4		8.	Income taxes payable		70.1
3.	Common stock		2,881.9		9.	Equipment		1,732.8
4.	Notes payable		301.4		10.	Retained earnings		5,917.7
5.	Buildings		3,918.9		11.	Accounts payable		2,400.2
6.	Mortgage payable		1,153.5

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, e.g. 45.5 million.)

choose the correct category                                                                      Stockholders' EquityLiabilityAssets		Cash
choose the correct category                                                                      Stockholders' EquityLiabilityAssets		Accounts receivable
choose the correct category                                                                      LiabilityStockholders' EquityAssets		Common stock
choose the correct category                                                                      AssetsLiabilityStockholders' Equity		Notes payable
choose the correct category                                                                      AssetsStockholders' EquityLiability		Buildings
choose the correct category                                                                      LiabilityStockholders' EquityAssets		Mortgage payable
choose the correct category                                                                      LiabilityAssetsStockholders' Equity		Inventory
choose the correct category                                                                      LiabilityAssetsStockholders' Equity		Income taxes payable
choose the correct category                                                                      Stockholders' EquityLiabilityAssets		Equipment
choose the correct category                                                                      Stockholders' EquityLiabilityAssets		Retained earnings
choose the correct category                                                                      Stockholders' EquityAssetsLiability		Accounts payable

Assets		$enter a dollar amount in millions up to 1 decimal place
Liability		$enter a dollar amount in millions up to 1 decimal place
Stockholders’ equity		$enter a dollar amount in millions up to 1 decimal place

2) 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
$enter total assets in millions up to 1 decimal place		$enter total liabilities in millions up to 1 decimal place		$enter total stockholders' equity in millions up to 1 decimal place

Answer 1