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: