Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.)
Perform each of the following.
(a) Classify each of these items as an asset, liability, or stockholders’ equity and determine the total dollar amount for each classification.
(b) Determine Nike’s accounting equation by calculating the value of total assets, total liabilities, and total stockholders’ equity.
(c) To what extent does Nike rely on debt versus equity financing?