4 . Notes payable 342.9 10 . Retained earnings 5,818.9 5 . Buildings 3,759.9 11 . Accounts payable 2,815.8 6 . Mortgage payable 1,311.5
Instructions
( a ) Classify each of these items as an asset , liability , or stockholders ' equity and determine the total
dollar amount for each classification .
( 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 ?
NOTE : Enter a number in cells requesting a value ; enter either a number or a formula in cells with a "?"
P1-3A
Prepare an income statement , retained earnings statement and balance sheet ; discuss results
On June 1 , Hightower Service Co . was started with an initial investment in the company of $ 22,100 cash .
Here are the assets , liabilities , and common stock of the company at June 30 , and the revenues and
expenses for the month of June , its first month of operations :