TRansactions (amounts in $millions):

a) Purchased inventories, on account, terms 2/10, n/45, $1,300.

b) Sales of inventories, on account, terms 3/10, n/30, $1,500. The cost of these inventories was $800.  

c) The customer paid for the merchandise sold in "b," 6 days after the sale.

d) Paid salaries of $980, cash. Use the expense you feel is most appropriate.

e) Paid a cash dividend on the common stock, $459.

f) Incurred and paid additional income taxes, $130, cash.

Fill the adjustments entries and updated figures,

Here is some Nike, Inc., check figures (updated) once you fill the adjustment entries.

• Gross profit $16,896
• Net income $2,084
• Ending retained earnings $(1,105). It is a negative (deficit) balance.
• Cash $8,234
• Total assets $31,728
   
   

Transcribed Image Text:

A D E F G. H 1. Nike, Inc. 2 Statement of Income 3 Year ended May 31, 2020 a b d. e Updated 4 in Smillions 5 Revenues 6 Cost of sales Gross profit 8 Demand creation expense 9 Operating overhead expense Total selling and administrative expense 11 Interest expense (income), net 12 Other (income) expense, net 37,403 21,162 7 16,241 3,592 9,534 10 13,126 89 139 13 Income before income taxes 2,887 14 Income tax expense 348 15 NET INCOME 2,539 16 Nike, Inc. Statement of Retained Earnings 17 18 19 Year ended May 31, 2020 20 Balance, May 31, 2019 21 Repurchase of Class B Common Stock 22 Dividends on common stock 23 Issuance of shares to employees, net 1,643 (2,872) (1,491) (9) 24 Net income 25 Adoption of ASC Topic 842 26 Balance, May 31, 2020 2,539 (1) (191) C. B. A D E F G. H 1. Nike, Inc. 2 Statement of Income 3 Year ended May 31, 2020 a b d. e Updated 4 in Smillions 5 Revenues 6 Cost of sales Gross profit 8 Demand creation expense 9 Operating overhead expense Total selling and administrative expense 11 Interest expense (income), net 12 Other (income) expense, net 37,403 21,162 7 16,241 3,592 9,534 10 13,126 89 139 13 Income before income taxes 2,887 14 Income tax expense 348 15 NET INCOME 2,539 16 Nike, Inc. Statement of Retained Earnings 17 18 19 Year ended May 31, 2020 20 Balance, May 31, 2019 21 Repurchase of Class B Common Stock 22 Dividends on common stock 23 Issuance of shares to employees, net 1,643 (2,872) (1,491) (9) 24 Net income 25 Adoption of ASC Topic 842 26 Balance, May 31, 2020 2,539 (1) (191) C. B.

Answer rating: 100% (QA)

Nike Inc Statement of income Year ended May 312020 in millions a b c d e f Updated Revenues 37403 15... View the full answer