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What amount of total assets does the company report on its balance sheet? 2. What amount of total liabilities does the company report on its balance sheet? 3. Using the accounting equation, determine the company’s stockholders’ equity. Compare this amount to the amount of stockholders’ equity reported on the company’s balance sheet.

What amount of total assets does the company report on its balance sheet? 2. What amount of total liabilities does the company report on its balance sheet? 3. Using the accounting equation, determine the company’s stockholders’ equity. Compare this amount to the amount of stockholders’ equity reported on the company’s balance sheet.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. What amount of total assets does the company report on its balance sheet? 2. What amount of total liabilities does the company report on its balance sheet? 3. Using the accounting equation, determine the company’s stockholders’ equity. Compare this amount to the amount of stockholders’ equity reported on the company’s balance sheet.
28 61 / 109 100% + 回の Table of Contents NIKE, INC. CONSOLIDATED BALANCE SHEETS MAY 31, (In millions) 2021 2020 ASSETS Current assets: Cash and equivalents Short-term investments 9.889 S 8,348 Accounts receivable, net 3,587 439 4,463 2,749 Inventories 6,854 7,367 Prepaid expenses and other current assets Total current assets 1,498 1,653 26,291 20,556 Property, plant and equipment, net Operating lease right-of-use assets, net Identifiable intangible assets, net 4,904 4,866 3,113 3,097 Goodwill 269 274 Deferred income taxes and other assets 242 223 TOTAL ASSETS 2,921 2,326 %24 37,740 $ 31,342 LIABILITIES AND SHAREHOLDERS' EQUIITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Current portion of operating lease liabilities Accrued liabilities Income taxes payable Total current liabilities Long-term debt Operating lease liabilities Deferred income taxes and other liabilities - S 3 248 2,836 2,248 467 445 6,063 5,184 306 156 9,674 8,284 9,413 9,406 2,931 2,913 2,955 Commitments and contingencies (Note 18) Redeemable preferred stock Shareholders' equity: Common stock at stated value: 2,684 Class A convertible-305 and 315 shares outstanding Class B-1,273 and 1,243 shares outstanding Capital in excess of stated value Accumulated other comprehensive income (loss) Retained earnings (deficit) Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3 3. 9,965 8,299 (380) 3,179 (56) (191) 12,767 8,055 $. 37,740 $ 31,342 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 2021 FORM 10-K 59 Cip
Transcribed Image Text:28 61 / 109 100% + 回の Table of Contents NIKE, INC. CONSOLIDATED BALANCE SHEETS MAY 31, (In millions) 2021 2020 ASSETS Current assets: Cash and equivalents Short-term investments 9.889 S 8,348 Accounts receivable, net 3,587 439 4,463 2,749 Inventories 6,854 7,367 Prepaid expenses and other current assets Total current assets 1,498 1,653 26,291 20,556 Property, plant and equipment, net Operating lease right-of-use assets, net Identifiable intangible assets, net 4,904 4,866 3,113 3,097 Goodwill 269 274 Deferred income taxes and other assets 242 223 TOTAL ASSETS 2,921 2,326 %24 37,740 $ 31,342 LIABILITIES AND SHAREHOLDERS' EQUIITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Current portion of operating lease liabilities Accrued liabilities Income taxes payable Total current liabilities Long-term debt Operating lease liabilities Deferred income taxes and other liabilities - S 3 248 2,836 2,248 467 445 6,063 5,184 306 156 9,674 8,284 9,413 9,406 2,931 2,913 2,955 Commitments and contingencies (Note 18) Redeemable preferred stock Shareholders' equity: Common stock at stated value: 2,684 Class A convertible-305 and 315 shares outstanding Class B-1,273 and 1,243 shares outstanding Capital in excess of stated value Accumulated other comprehensive income (loss) Retained earnings (deficit) Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3 3. 9,965 8,299 (380) 3,179 (56) (191) 12,767 8,055 $. 37,740 $ 31,342 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 2021 FORM 10-K 59 Cip
59 / 109 100% Table of Contents NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME (In milions, except per share data) YEAR ENDED MAY 31, Revenues 2021 2020 2019 Cost of sales 44,538 $ 37,403 $ 39,117 24,576 Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME 21,162 16,241 21,643 19,962 17,474 3,114 3,592 3,753 9,911 9,534 8,949 13,025 13,126 12,702 262 89 49 14 139 (78) 6,661 2,887 4,801 934 348 2,539 $ 772 Eamings per common share: 5,727 $ 4,029 Basic Diluted %24 3.64 $ 1.63 $ 2.55 3.56 S 1.60 $ 2.49 Weighted average common shares outstanding: Basic 1,573.0 1,558.8 1,579.7 Diluted 1,609.4 1,591.6 1,618.4 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 2021 FORM 10-K 57 Cip
Transcribed Image Text:59 / 109 100% Table of Contents NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME (In milions, except per share data) YEAR ENDED MAY 31, Revenues 2021 2020 2019 Cost of sales 44,538 $ 37,403 $ 39,117 24,576 Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME 21,162 16,241 21,643 19,962 17,474 3,114 3,592 3,753 9,911 9,534 8,949 13,025 13,126 12,702 262 89 49 14 139 (78) 6,661 2,887 4,801 934 348 2,539 $ 772 Eamings per common share: 5,727 $ 4,029 Basic Diluted %24 3.64 $ 1.63 $ 2.55 3.56 S 1.60 $ 2.49 Weighted average common shares outstanding: Basic 1,573.0 1,558.8 1,579.7 Diluted 1,609.4 1,591.6 1,618.4 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 2021 FORM 10-K 57 Cip
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