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NOTE: Assignment must be completed by Due Date.
E1-15
Classify items as assets, liabilities, and stockholders' equity, and
prepare accounting equation
Suppose the following items were taken from the balance sheet of Nike,
Inc. (All items are in millions.)
1.
Cash
$2,291.1
7.
Inventory
$2,357.0
2.
Accounts receivable
taxes payable 86.3 2,883.9 8. Income
3.
Common stock
1,957.7 2,874.2 9. Equipment
4.
Notes payable 342.9
5,818.9
5.
Buildings
2,815.8
6.
10.
3,759.9
Mortgage payable
Retained earnings
11.
Accounts payable
1,311.5
Instructions
(a)
Classify each of these items as an asset, liability, or
stockholders' equity and determine the total