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Exercise 1-15 Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) 1. Cash $2,153.5 7. Inventory

Exercise 1-15

Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.)
1.
Cash
$2,153.5
7.
Inventory
$2,123.2
2.
Accounts receivable
2,980.0
8.
Income taxes payable
70.1
3.
Common stock
2,841.1
9.
Equipment
1,630.8
4.
Notes payable
342.2
10.
Retained earnings
5,948.3
5.
Buildings
4,000.5
11.
Accounts payable
2,410.4
6.
Mortgage payable
1,275.9
Perform each of the following.
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Classify each of these items as an asset, liability, or stockholders equity, and determine the total dollar amount for each classification. (Enter amounts in millions up to 1 decimal place, e.g. 45.5 million.)
choose the correct category
image text in transcribed Stockholders' Equity Assets Liability
Cash
choose the correct category
image text in transcribed Stockholders' Equity Assets Liability
Accounts receivable
choose the correct category
image text in transcribed Liability Assets Stockholders' Equity
Common stock
choose the correct category
image text in transcribed Stockholders' Equity Assets Liability
Notes payable
choose the correct category
image text in transcribed Liability Stockholders' Equity Assets
Buildings
choose the correct category
image text in transcribed Stockholders' Equity Assets Liability
Mortgage payable
choose the correct category
image text in transcribed Liability Stockholders' Equity Assets
Inventory
choose the correct category
image text in transcribed Liability Stockholders' Equity Assets
Income taxes payable
choose the correct category
image text in transcribed Assets Liability Stockholders' Equity
Equipment
choose the correct category
image text in transcribed Liability Assets Stockholders' Equity
Retained earnings
choose the correct category
image text in transcribed Stockholders' Equity Assets Liability
Accounts payable
Assets
$enter a dollar amount in millions up to 1 decimal place
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Liability
$enter a dollar amount in millions up to 1 decimal place
image text in transcribed
Stockholders equity
$enter a dollar amount in millions up to 1 decimal place
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Determine Nikes accounting equation by calculating the value of total assets, total liabilities, and total stockholders equity. (Enter amounts in millions up to 1 decimal place, e.g. 45.5 million.)
Total assets = Total liabilities + Total stockholders equity
$enter total assets in millions up to 1 decimal place
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$enter total liabilities in millions up to 1 decimal place
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$enter total stockholders' equity in millions up to 1 decimal place
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