The financial statements for Nike, Inc., are available in Appendix E. The following additional information is available (in thousands):
Accounts receivable at May 31, 2013: $3,117 Inventories at May 31, 2013: 3,484 Total assets at May 31, 2013: 17,545 Stockholders equity at May 31, 2013: 11,081
1. Determine the following measures for the fiscal years ended May 31, 2015, and May 31, 2014. Do not round interim calculations. Round the working capital amount in part (a) to the nearest dollar. Round all other final answers to one decimal place. When required, use the rounded final answers in subsequent computations.
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Financial Statement Analysis The financial statements for Nike, Inc., are available in Appendix E. The following additional informationis available (in thousands): Accounts receivable at May 31, 2013: $3,117 Inventories at May 31, 2013: 3,484 Total assets at May 31, 2013: 17,545 Stockholders' equity at May 31, 2013: 11,081 1. Determine the following measures for the fiscal years ended May 31, 2015, and May 31, 2014. Do not round interim calculations. Round the working capital amount in part (a) to the nearest dollar. Round all other final answers to one decimal place. When required, use the rounded final answers in subsequent computations. Fiscal Year 2015 Fiscal Year 2014 $ 9,642 a. Working capital (in millions) b. Current ratio c. Quick ratio d Accounts receivable turnover e. Number of days' sales in receivables f. Inventory turnover $8,669 2.5 1.5 V 9.0 2.7 1.7 8.5 V 43 days 40.5 days 4 91.4days 88.3 V days Number of days' sales in inventory Ratio of liabilities to stockholders' equity h. 0.7 i. Asset turnover 1.5 1.5 Return on total assets, assuming interest expense is $28 million for the year ending May 31, 2015, and $24 million for the year ending May 31 2014 14 X % 141 X % NIKE, Inc. Consolidated Statements of Income Year Ended May 31, 2014 2015 2013 n millions, except per share data) Income from continuing operations: 27,799 $ 30,601 $ 16,534 14,067 3,213 6,679 9,892 25,313 14,279 11,034 2,745 5,051 7,796 Cost of sales Gross proft Demand creation expense 15,353 12,446 3,031 5,735 8,766 ating overhead e Total selling and administrative expense Interest expense (income), net (Notes 6, 7 and 8 Other (income) Income before income taxes Income tax e 103 3,544 851 2,693 net (Note 1 3,256 805 2,451 21 2,472 4,205 NET INCOME FROM CONTINUING OPERATIONS NET INCOME FROM DISCONTINUED OPERATIONS 3,273 NET INCOME 3,273S 2,693 $ Eamings per common share from continuing operations: Basic (Notes 1 and 12) Diluted (Notes 1 and 12) 3.80 $ 3.70 $ 3.05 $ 2.97 $ 2.74 Eamings per common share from discontinued operations: Basic (Notes 1 and 12) Diluted (Notes 1 and 12) 0.02 0.02 0.81 Dividends declared per common share 1.08 $ 0.93 $ NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31, 2015 2014 2013 In millions) Net income Other comprehensive income (loss), net of tax 3,273 $ 2,693 $ 2,472 Change in net foreign currency translation adjustment) (20) 1,188 (32) (161) 4 38 Change in net gains (osses) on cash flow hedges? Change in net gains (osses) on othera in release of cumulative translation loss related to Umbro4) Total other comprehensive income (loss), net of tax TOTAL COMPREHENSIVE INCOME 83 125 2,597 18 1,161 4,434 S 2,504 $ (1) Net of tax benefit (expense) of $0milion, $0 milion andS(13) milion, respectively. 2) Net of tax benefit (epense) of $31) milion, $18 milion and $(22) milion, respectively. 3) Net of tax beneft (expense) of $0 milion, $0milion and $1 million, respectvely 4) Net of tax benefit (axpense) of $O milion, $O milion and $47 milion, respectively. The accompanying Notes to the Consolidated Financial Statemente are an integral part of thie statement NIKE, Inc. Consolidated Balance Sheets May 31 2015 2014 Current assets: 3,852 $ Cash and equivalents (Note 6) Short-term investments (Note 6 Accounts receivable, net (Note 1) Inventories (Notes 1 and 2) Deferred income taxes (Note 9) Prepaid expenses and other current assets 2,220 2,922 3,434 3,947 6 and 1 818 13,696 2834 Total current assets 15,976 Property, plant and equipment, net (Note 3 ldentifiable intangible assets, net Note 4) Goodwill (Note 4) Deferred income taxes and other assets 3,011 281 131 131 9 and 17) TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current iabilities: 21,600 S 18,594 Current portion of long-term debt (Note 8) Notes payable (Note 7) Accounts payable (Note 7 Accrued liabilities (Notes 5,6 and 17) Income taxes 107 $ 74 2,131 3,951 71 167 1,930 2.491 Total current iabilities 1,079 1.480 5,027 1,199 1,544 Long-term debt (Note 8) Deferred income taxes and other liabilities (Notes 6, 9, 13 and 17) Commitments and contingencies (Note 16) Redeemable preferred stock (Note 10) Shareholders' equity Common stock at stated value Note 11) Class A convertible 178 and 178 shares outstanding Class B-679 and 692 shares outstanding Capital in excess of stated value Accumulated other comprehensive income Note 14) 6,773 1,246 4,685 12,707 Total TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 2 4871 10,824 18,594 21,600 S
