Question

Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) Cash $2,184.1 7. Inventory $2,327.2 rini 2. Accounts receivable 2,684.2 8. Income taxes payable 80.3 ni Common stock 2,800.3 9. Equipment 1,702.2 4. Notes payable 301.4 10. Retained earnings 5,876.9 5. Buildings 3,704.7 11. Accounts payable 2,420.6 6. Mortgage payable 1,122.9 Perform each of the following.

Answer 1

Answer:

Asset	Cash
Asset	Accounts receivable
Stockholders'equity	common stock
Liability	Notes Payable
Asset	Building
Liability	Mortgage Payable
Asset	Inventory
Liability	Income taxes payable
Asset	Equipment
Stockholders'equity	Retained earnings
Liability	Accounts payable
Assets	$                         12,602.4
Liability	$                           3,925.2
Stockholders'equity	$                           8,677.2

Accounting equation
Total Assets	=	Total Liability	+	Total Stockholders'equity
$    12,602.4	=	$         3,925.2	+	$                                   8,677.2

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