Suppose the following items were taken from the balance sheet of Nike, Inc
Accounting
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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
$2,123.2
2.
Accounts receivable
2,980.0
8.
Income taxes payable
70.1
3.
Common stock
2,841.1
9.
Equipment
1,630.8
4.
Notes payable
342.2
10.
Retained earnings
5,948.3
5.
Buildings
4,000.5
11.
Accounts payable
2,410.4
6.
Mortgage payable
1,275.9
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, e.g. 45.5 million.)
choose the correct category
Stockholders' Equity Assets Liability
Cash
choose the correct category
Stockholders' Equity Assets Liability
Accounts receivable
choose the correct category
Liability Assets Stockholders' Equity
Common stock
choose the correct category
Stockholders' Equity Assets Liability
Notes payable
choose the correct category
Liability Stockholders' Equity Assets
Buildings
choose the correct category
Stockholders' Equity Assets Liability
Mortgage payable
choose the correct category
Liability Stockholders' Equity Assets
Inventory
choose the correct category
Liability Stockholders' Equity Assets
Income taxes payable
choose the correct category
Assets Liability Stockholders' Equity
Equipment
choose the correct category
Liability Assets Stockholders' Equity
Retained earnings
choose the correct category
Stockholders' Equity Assets Liability
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
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
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