Question 3 Suppose the comparative balance sheets of Nike, Inc. are presented here NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) 2016 2017 Assets $9,580 $8,770 1,800 1,670 $12,930 $12,240 Current Assets 1,810 1,540 Property, plant, and equipment (net) Other assets Total assets Liabilities and Stockholders' Equity Current Liabilities $3,150$3,320 1,370 7,550 $12,930 $12,240 1,320 8,460 Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2016 as a base. (If amount and percenta are a decrease show the numbers as negative, e.g.-55,000,-20% or (55,000), (2000). Round percentages 1 decimal place, eg. 12.5% NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) Percentage Change from 2016 Increase (Decrease) 2017 2016 Assets $9,580 $8,770 1,800 1,670 $12,930 $12,240 Current Assets 1,810 Property, plant, and equipment (net) 1,540 Other assets Total assets $12,930 $12,240 Total assets 0 Liabilities and Stockholders' Equity $3,150$3,320 1,370 7,550 $12,930 $12,240 Current Liabilities 1,320 Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity 8,460 (b) Prepare a vertical analysis of the balance sheet data for Nike for 2017. NIKE, INC. Condensed Balance Sheet in millions Percent Assets $9,580 1,810 1,540 $12,930 Current Assets Property, plant, and equipment (net) 0 Other assets Total assets Liabilities and Stockholders' Equity $3,150 1,320 8,460 $12,930 Current Liabilities Long-term Liabilities Stockholders' equity Total liabilities and stockholders' equity Click if you would like to Show Work for this question: Open Show Work