Compute and interpret Z$-$score $-$ refer to the financial statements for Nike. The company's stock closed at $$77\mathrm{.}14$ on May $31,2019,$ and $$71\mathrm{.}80$ pn May $31,2018.$

Cash provided by operations:

Net income

Adjustments to reconcile net income to net cash provided by operations:

Depreciation

Deferred income taxes

Stock$-$based compensation.

Amortization and other

Net foreign currency adjustments

Changes in certain working capital components and other assets and liabilities:

$($Increase$)$ decrease in accounts receivable

$($Increase$)$ decrease in inventories

$($Increase$)$ decrease in prepaid expenses and other current and noncurrent assets

Increase $($decrease$)$ in accounts payable, accrued liabilities and other current and

noncurrent liabilities.

Cash provided by operations

Cash provided $($used$)$ by investing activities:

Purchases of short$-$term investments

Maturities of short$-$term investments.

Sales of short$-$term investments $.$

Additions to property, plant and equipment.

Disposals of property, plant and equipment

Other investing activities.

Cash provided $($used$)$ by investing activities

Cash used by financing activities:

Long$-$term debt payments, including current portion.

Increase $($decrease$)$ in notes payable.

Payments on capital lease and other financing obligations

Proceeds from exercise of stock options and other stock issuances

Repurchase of common stock

Dividends$-$common and preferred

Tax payments for net share settlement of equity awards

Cash used by financing activities

Effect of exchange rate changes on cash and equivalents.

Net increase $($decrease$)$ in cash and equivalents.

Cash and equivalents, beginning of year

Cash and equivalents, end of year.

a$.$ Compute and compare the Altman Z$-$scores

for both years. What explains the year$-$over$-$year change?

b$.$Is the company more likely to go bankrupt given the Z$-$score in $2019$ compared to $2018?$ Explain.