Suppose the following items were taken from the balance sheet of Nike, Inc. (All

Question

Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in milions.) 1. Cash 2. Accounts receivable 3. Common stock 4. Notes pay . Buildings 6. Mortgage payable 2,020.9 7 ventory 2,776.0 Income taxes payable 2,830.9 9. $2,133.4 80.3 1,957.2 5,611.7 2,420.6 Equipment able 332.0 10 Retained earnings 3,653.7 Accounts payable 1,265.7 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 dlassification. (Enter amounts in millions up to 1 decimal place, e.g. 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 5 By accessing this Question Assistance, you will learn while you eam points based on the Point Potential Policy set by your instructor

Explanation / Answer

Classification of given items:

Dollar amount of each classification

Explanation :

Assets amount is calculated as under

Liabilities amount is calculated as under

Stockholders Equity is calculated as under

Hope this work help you ............ all the best.

Asset Cash Asset Accounts receivable Stockholder's Equity Common stock Liability Notes payable Asset Buildings Liability Mortgage payable Asset Inventory Liability Income taxes payable Asset Equipment Stockholder's Equity Retained earnings Liability Accounts payable

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