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Determining Financial Statement Effects o f S ev e r al T r ansactions
Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of ath- letic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions of dollars.
a. Purchased additional buildings for $182 and equipment for $21.9; paid $48.1 in cash and signed a long-term note for the rest.
b. Issued $253.6 in additional stock for cash.
c. Declared $179.2 in dividends to be paid in the following year.
d. Purchased additional short-term investments for $400.8 cash.
e. Several Nike investors sold their own stock to other investors on the stock exchange for $36.
f. Sold $1.4 in short-term investments in other companies for $1.4 cash.
Required:
1. For each of these events, perform transaction analysis and indicate the account, amount, and di- rection of the effect on the accounting equation. Check that the accounting equation remains in balance after each transaction. Use the following headings:
E v ent Assets
Liabilities Stockholders’ Equity
2. Explain your response to event (e).
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