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

Accounting Mar 24, 2021

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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