I believe I sent you the wrong spreadsheet earlier. Please check. Thanks!

You are to reformulate the balance sheet and the income statements according to the Penman model.

Second,you are to calculate Free Cash Flow and the Uses of Free Cash flow for 4 of the 5 years in the historical period. (You will use BS differencing, so you will not be able to compute FCF for the first year.)

NIKE- Historical and Projected Financial Sta INCOME STATEMENT Net product sales Net product cost of sales Gross margin Growth 14.08% 2.95% 2,007 2,008 2,009 16,330 18,630 19,180 9,165 10,240 10,570 7,165 8,390 8,610 Research and development Selling, general, and administrative (1) Restructuring costs Total operating expenses Operating income 4 5,029 11 5,954 4,400 2,352 5,033 2,132 5,965 2,434 6,752 1,858 Other income and expense Income (loss) before income tax 3,255 5,387 3,542 5,976 3,798 5,656 Provision for income taxes 708 620 470 Cumulative effects of accounting changes, net of income taxes Net income (loss) BALANCE SHEET Current assets: Cash & Short Term Investments Accounts receivable, less allowances Inventories Deferred tax assets Other current assets Total current assets Long-term marketable securities Property, plant, and equipment, net Goodwill&Acquired intangible assets, net Other assets Total assets 4,679 2,007 Increase in cash 2,847 2,495 2,122 393 596 8,453 2,612 3,619 541 1,256 17,077 5,357 5,186 2,008 2,009 -2% 24% 2,776 3,455 2,795 2,884 2,438 2,357 602 770 670 890 9,281 10,356 3,603 4,103 1,192 2,389 ### 3,516 4,256 661 8,569 ### Current liabilities: Accounts payable Accrued expenses Total current liabilities 1,040 1,303 2,343 1,288 1,762 3,050 1,032 1,784 2,816 Non-current liabilities 1,332 1,565 1,741 Total liabilities 3,675 4,615 4,557 Flexible Financing AFN( Surplus for this Case) Shareholders' equity: Common stock, no par value Retained earnings 3 4,885 3 5,073 3 5,451 2 0 2,498 0 2,871 0 Accumulated other comp income Deferred stock compensation Total stockholders equity 4,890 Total liabilities and stockholders equity 8,565 7,574 8,325 ### ### Financial Statements -0.89% 9.73% 2,010 2,011 19,010 20,860 10,210 11,350 8,800 9,510 15.00% 12.00% 16.00% 18.00% 14.00% 2012 2013 2014 2015 2016 23,989 26,868 31,167 36,776 41,925 13,161 14,741 17,099 20,177 23,002 10,828 12,127 14,067 16,600 18,924 3,970 2,356 4,247 2,448 4,793 4,136 4,863 4,757 6,326 2,474 6,695 2,815 8,929 1,899 9,620 10,816 12,374 14,282 2,507 3,252 4,226 4,641 3,970 6,444 4,245 7,060 4,797 6,695 5,372 7,880 610 711 688 809 5,834 6,349 2,010 2,011 5,488 5,328 6,194 6,180 6,990 7,293 6,232 7,354 8,383 9,484 11,580 13,025 974 1,190 1,338 2012 2013 2014 2015 13% 20% 20% 10% 2016 4,538 4,538 4,538 4,538 4,538 3,609 4,042 4,688 5,532 6,307 3,122 3,497 4,056 4,787 5,457 968 968 968 968 968 2,254 2,524 2,928 3,456 3,939 14,491 15,569 17,179 19,280 21,209 3,460 3,701 4,390 4,906 655 692 13,590 14,590 3,701 3,701 3,701 3,701 3,701 5,421 6,071 7,043 8,311 9,474 832 999 1,201 1,443 1,734 16,779 18,792 21,799 25,722 29,324 ### 14% 55% 6,008 7,070 8,510 10,390 11,687 49% -12% 5,146 4,538 2,650 3,138 2,041 2,715 873 968 1,450 1,960 12,160 13,319 ### 11% 43,477 47,657 53,851 61,913 69,380 1,255 1,904 3,159 1,469 1,985 3,454 1,689 2,302 3,991 1,892 2,578 4,470 2,195 2,990 5,185 2,590 3,529 6,119 2,952 4,023 6,975 1,507 1,703 1,703 1,703 1,703 1,703 1,703 23% 4% 120% 4,666 5,157 3 6,095 3 5,801 3,441 0 3,944 0 9,539 9,748 ### 5,694 6,173 6,888 7,822 8,678 0 -3,369 -3,031 -3,262 -5,076 3 3 3 3 3 11,809 18,879 27,388 37,779 49,465 2,551 3,061 3,174 3,234 3,193 14,363 21,943 30,565 41,016 52,661 ### 20,057 28,116 37,453 48,837 61,339