Prepare a Horizontal Analysis of the Income Statements for Nike, Inc. for the current year ended 5/31/19 and the prior year ended 5/31/18. Use a spreadsheet program to do this part of the assignment. Label the spreadsheet "Horizontal Analysis -Income Statements - Nike, Inc." List each line item from the Income Statement (from Revenue to Net Income - 11 line items in total) in Column A, and the amounts for the two years in Column B (2019) and Column C (2018). In Column D, compute the amount of the Increase (Decrease) during 2019. In Column E, convert the amount in Column D to a percentage of the Base Year amount. NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME 2019 2017 S S 39,117 21.643 17,474 3,753 8,949 12,702 YEAR ENDED MAY 31, 2018 36,3975 20,441 15,956 3,577 7,934 11,511 54 66 4,325 2.392 1,933 $ 34,350 19,038 15,312 3,341 7,222 10,563 In millions, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (incomel expense net Income before income taxes Income tax expense NET INCOME Earnings per common share: Basic Diluted Weighted average common shares outstanding Basic Diluted (78) 4,801 772 4,029 (196) 4.886 646 S $ 4,240 2.55S 2.495 1.19 1.17 $ S 2.56 2.51 1,579.7 1,618.4 1,623.8 1,659.1 1,657.8 1,692.0 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 50 NIKE, INC. Table of Contents NIKE, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2019 YEAR ENDED MAY 31, 2018 4,0295 1,933 Dollars in millions) Net income 2017 $ 4,240 (173) 503 (6) 76 Other comprehensive income (loss), net of tax: Change in net foreign currency translation adjustment Change in net gains (losses) on cash flow hedges Change in net gains (losses) on other Total other comprehensive income (loss), net of tax TOTAL COMPREHENSIVE INCOME 34 16 (515) (32) (531) 3.709 1 04 323 4,352 $ $ 2,037 $