Chapter-4-problem-47 megg Study Textbook Solutions Expert Q&A Study Pack Practice Chapter 4, Problem 47P Bookmark Show all steps: ON Problem Nike is a worldwide leader in the design, marketing, and distribution of athletic and sports- inspired footwear, apparel, equipment, and accessories. The company's May 31, 2011, balance sheet included the following ($ in millions): May 31 2011 2010 Prepaid expenses Income taxes payable 594 117 873 59 By Suppose that during the fiscal year ended May 31, 2011, $366 million in cash was disbursed and charged to Prepaid Expenses. Similarly, $145 million was disbursed for income taxes and charged to Income Taxes Payable. 1. Assume that the Prepaid Expenses account relates to outlays for miscellaneous operating expenses, for example, supplies, insurance, and short-term rentals. Prepare summary Journal entries for (a) the disbursements, and (b) the expenses for fiscal 2011 2. Assume that there were no other accounts related to income taxes. Prepare summary Journal entries for (a) the disbursements, and (b) the expenses for fiscal 2011 My Stonbvestan solution Introd