Question

Nike, Inc.reported the following plant assets and intangible assets for the year ended May 31, 2022 (in millions): other plant assets $948.0, land $250.0, patents and trademarks (at cost) $510.0, machinery and equipment $2,190.0, buildings $950.0, goodwill (at cost) $210.0, accumulated amortization $50.0, and accumulated depreciation $2,360. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Machinery and Equipment.)

Answer 1

Answer:

Explanation:

The total assets comprises of current assets, fixed assets ,and the intangible assets

The current assets includes cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.

The preparation of the classified balance sheet for Nike, Inc on  May 31, 2022 is presented in the spreadsheet. Kindly find the attachment below: