Answer:
Nike, Inc.
NIKE, INC.
Partial Balance Sheet as of May 31, 2022
Long-term Assets:
Tangible assets:
Land $240.0
Buildings $970.0
Machinery and equipment $2,080.0
Other plant assets $977.0
Accumulated depreciation ($2,180) 1,847.0
Total net book value $2,087.0
Patents and trademarks (at cost) $500.0
Goodwill (at cost) $220.0
Accumulated amortization ($60.0)
Total net book value $660.0
Total long-term assets $2,747.0
Explanation:
a) Data and Calculations:
Plant assets and intangible assets for the year ended May 31, 2022 (in millions):
Other plant assets $977.0
Land $240.0
Patents and trademarks (at cost) $500.0
Machinery and equipment $2,080.0
Buildings $970.0
Goodwill (at cost) $220.0
Accumulated amortization $60.0
Accumulated depreciation $2,180
b) Long-term assets are non-current resources that the entity owns as a result of past events, which are expected to generate future benefits. Some long-term assets have physical properties. They can be touched or seen. They are tangible assets and are subject to depreciation. Intangible assets do not have physical substance and are amortized.
