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The following items were taken from the balance sheet of Nike, Inc.
1
Cash
$2,291.10
2
Accounts receivable
2,883.90
3
Common stock
2,874.20
4
Notes payable
342.9
5
Other assets
3,759.90
6
Other liabilities
1,311.50
7
Inventories
$2,357.00
8
Income taxes payable
86.3
9
Property, plant, and equipment
1,957.70
10
Retained earnings
5,818.90
11
Accounts payable
2,815.80
Instructions
Perform each of the following.
(a) Classify each of these items as an asset, liability, or stockholders" equity and determine the total dollar amount for each classification. (All dollars are in millions.)
(b) Determine Nike"s accounting equation by calculating the value of total assets, total liabilities, and total stockholders" equity.
(c) To what extent does Nike rely on debt versus equity financing?
The Talley Corporation had a taxable income of $485,000 from operations after all operating costs but before (1) interest charges of $97,000, (2) dividends received of $29,100.
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