Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) 2022 2021 Assets Current Assets $9,550 $8,880 Property, plant, and equipment (net) 2,050 1,840 Other assets 1,480 1,780 Total assets $13,080 $12,500 Liabilities and Stockholders' Equity Current Liabilities $3,230 $3,330 Long-term liabilities 1,270 1,370 Stockholders' equity 8,580 7,800 Total liabilities and stockholders' equity $13,080 $12,500 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, eg. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.5%.) NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) Percentage Change Increase 2022 2021 (Decrease) from 2021 Assets Current Assets $9,550 $8,880 24 Property, plant, and equipment (net) 2,050 1,840 Other assets 1,480 1,780 Total assets $13,080 $12,500 24 Liabilities and Stockholders' Equity Current Liabilities $3,230 $3,330 Long-term liabilities 1,270 1,370 Stockholders' equity 8,580 7,800 Total liabilities and $13,080 $12,500 %24 stockholders' equity

Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) 2022 2021 Assets Current Assets $9,550 $8,880 Property, plant, and equipment (net) 2,050 1,840 Other assets 1,480 1,780 Total assets $13,080 $12,500 Liabilities and Stockholders' Equity Current Liabilities $3,230 $3,330 Long-term liabilities 1,270 1,370 Stockholders' equity 8,580 7,800 Total liabilities and stockholders' equity $13,080 $12,500 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, eg. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.5%.) NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) Percentage Change Increase 2022 2021 (Decrease) from 2021 Assets Current Assets $9,550 $8,880 24 Property, plant, and equipment (net) 2,050 1,840 Other assets 1,480 1,780 Total assets $13,080 $12,500 24 Liabilities and Stockholders' Equity Current Liabilities $3,230 $3,330 Long-term liabilities 1,270 1,370 Stockholders' equity 8,580 7,800 Total liabilities and $13,080 $12,500 %24 stockholders' equity

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

See similar textbooks

Similar questions

Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Ratio of fixed assets to long-term liabilities
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Return on total assets
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Ratio of liabilities to stockholder.' equity
Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
Hypothetical comparative condensed balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetsMay 31($ in millions) 2022 2021 Assets Current assets $8,856 $8,014 Property, plant, and equipment (net) 1,776 1,710 Other assets 1,368 1,509 Total assets $12,000 $11,233 Liabilities and Stockholders' Equity Current liabilities $2,952 $3,001 Long-term liabilities 1,176 1,191 Stockholders’ equity 7,872 7,041 Total liabilities and stockholders' equity $12,000 $11,233 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Increase(Decrease)…
Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Assets Current Assets $9,600 $8,790 Property, plant, and equipment (net) 1,810 1,800 Other assets 1,580 1,710 Total assets $12,990 $12,300 Liabilities and Stockholders' Equity Current Liabilities $3,170 $3,300 Long-term liabilities 1,230 1,390 Stockholders’ equity 8,590 7,610 Total liabilities and stockholders' equity $12,990 $12,300 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.5%.) NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Increase(Decrease) PercentageChangefrom 2021…
The comparative balance sheet of Gus Company at December 31, 2024 and 2023 appears below:Assets:12/31/202412/31/2023Cash$ 53,000 $ 120,000 Accounts receivable (net)37,000 48,000 Inventories108,500 100,000 Equipment573,200 450,000 Accumulated depreciation-equipment (142,000) (176,000) $629,700 $542,000 Liabilities & Stockholders Equity: Accounts payable$ 62,500 $ 43,800 Bonds payable, due June 20240 100,000 Common stock, $10 par335,000 285,000 Paid-in capital in excess of par - Common stock74,000 55,000 Retained earnings 158,200 58,200 $629,700 $542,000 The income statement for the year ended December 31, 2024 appears below:Sales $625,700 Cost of merchandise sold 340,000 Gross profit 285,700 Operating expenses (includes $26,000 depreciation expense) 94,000 Operating Income 191,700 Interest expense 6,000Income before income tax 185,700 Income tax 60,700 Net income $125,000 Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no salvage…
Suppose the hypothetical comparative condensed balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Assets Current Assets $9,580 $8,770 Property, plant, and equipment (net) 1,810 1,800 Other assets 1,540 1,670 Total assets $12,930 $12,240 Liabilities and Stockholders' Equity Current Liabilities $3,150 $3,320 Long-term liabilities 1,320 1,370 Stockholders’ equity 8,460 7,550 Total liabilities and stockholders' equity $12,930 $12,240 Prepare a vertical analysis of the balance sheet data for Nike for 2022. (Round percentages to 1 decimal place, e.g. 12.1%.)
Suppose the hypothetical comparative condensed balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Assets Current Assets $9,580 $8,770 Property, plant, and equipment (net) 1,810 1,800 Other assets 1,540 1,670 Total assets $12,930 $12,240 Liabilities and Stockholders' Equity Current Liabilities $3,150 $3,320 Long-term liabilities 1,320 1,370 Stockholders’ equity 8,460 7,550 Total liabilities and stockholders' equity $12,930 $12,240 Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.2%.)
Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022 2021 Assets Current Assets $9,630 $8,860 Property, plant, and equipment (net) 2,000 1,860 Other assets 1,530 1,610 Total assets $13,160 $12,330 Liabilities and Stockholders' Equity Current Liabilities $3,240 $3,390 Long-term liabilities 1,260 1,290 Stockholders’ equity 8,630 7,650 Total liabilities and stockholders' equity $13,160 $12,330 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.5%.) Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC.Condensed Balance SheetMay 31($ in millions) 2022…