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Forecasting with the Parsimonious Method and Estimating Share Value Using the ROPI Model Following are income statements and balance sheets for Nike Inc. NIKE INC. Consolidated Income Statements For Year Ended ($ millions) Revenues Cost of sales Gross profit May 31, May 31, 2019 2018 $39,117 $36,397 21,643 20,441 17,474 15,956 Demand creation expense 3,753 3,577 Operating overhead expense 8,949 7,934 Total selling and administrative expense 12,702 11,511 Interest expense (income), net 49 54 Other (income) expense, net (78) 66 Income before income taxes 4,801 4,325 Income tax expense 772 2,392 Net income $4,029 $1,933 NIKE INC. Consolidated Balance Sheets $ millions May 31, May 31, 2019 2018 Current assets Cash and equivalents $4,466 $4,249 Short-term investments 197 996 Accounts receivable, net 4,272 3,498 Inventories 5,622 5,261 Prepaid expenses and other current assets 1,968 1,130 Total current assets 16,525 15,134 Property, plant and equipment, net 4,744 4,454 Identifiable intangible assets, net 283 285 Goodwill Deferred income taxes and other assets 154 154 2,011 2,509 Total assets sscourse.com $23,717 $22,536