Question
. The following items were taken from the records of NIKE company as of December 31st Accounts Payable 25,000 Long-term Notes Receivable 13,000 Accounts Receivable
. The following items were taken from the records of NIKE company as of December 31st
Accounts Payable | 25,000 |
| Long-term Notes Receivable | 13,000 |
Accounts Receivable | 20,000 |
| Patent, net | 34,000 |
Building Sale Rent expense | 190,000 450,000 55,000 |
| Accrued Expenses Depreciation expense Tax expense | 6,000 32,000 15,000 |
Cash Interest Exp | 15,000 117,000 |
| Long Term Debt Salary and wage expense | 109,000 90,000 |
Equipment | 76,000 |
| Common Stock | 50,000 |
Retained Earnings | ?? |
| Inventory | 20,000 |
Prepaid Expenses | 8,000 |
| Accumulated depreciation | 42,000 |
Long term Investments | 94,000 |
| Treasury Stock | 5,000 |
1- Prepare a balance sheet in proper format for the company as of December 31st .(0.75 Mark each step = 18 Marks)
2- Assess the financial situation for Nike Company by using your prepared Balance sheet. (10 Marks).
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