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

(Gast $ 828.0 7. Inventories $1,633.6 2. Accounts receivable 2,120.2 8. Income taxes payable 118.2 3. Common stock 890.6 9. Property, plant, and equipment 1,586.9 4. Notes payable 146.0 10. Retained earnings 3,891.1 5. Other assets 17229 11. Accounts payable 763.8 6. Other liabilities 2,081.9 Instructions Perform each of the following.

(a) Classify each of these items as an asset, liability, or stockholders’ equity. (All dollars are in millions.)

(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?