Forecasting the Income Statement, Balance Sheet, and Statement Assume the following are the financial statements of Nike, Inc. Consolidated Statements of Income Year ended May 31 In Millions 2011 2010 Revenues Cost of sales Gross profit $21,862 $19,014 11,354 10,214 10,508 8,800 2,948 2,356 4,845 3,970 6,326 Demar creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) Income before income taxes Income taxes 7,793 4 (33) (49) 2,744 2,517 610 $2,133 $1,907 611 Net income Balance Sheets May 31 In Millions 2011 2010 Assets Cash and equivalents Short-term investments Accounts receivable, net s 1,955 $ 3,079 2,5832,067 3,138 2,650