Question 1 A condensed balance sheet and other financial data for the Nike Company are provided below Nike Company Blunce Sheet as at December 21, 20X1 $110.000 140.000 $250.000 ASSETS Current assets Plant assets Total assets UABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Long-term liabilities Total liabilities Common Stock Si par value Retained Earnings Total tibilities and stockholders' equity $100,000 65,000 $165.000 70,000 15.000 $250,000 NB: Inventory at 31 December 20X1 is $30 000 Income statement data for the year ended 31 December 20X1 are recorded below! Net sales $375,000 Interest expense 6,000 Net income 30,500 Additional information as at 31 December 20XD is shown below: Total assets $200,000 Stockholders' equity $65,000 The tax rate is 30 percent. Industry norms/averages for the sume ratios as of December 31, 20X1. are: Debt to equity ratio 1.75 Earnings per share $0.26 Return on total assets 6.5% Return on stockholders' equity 354 Acid test ratio 0.85:1 Current Ratio 1.02:1 Times interest earned 4 times