Select a public company and review their latest balance sheet. REQUIRED: Identif

ID: 2473912 • Letter: S

Question

Select a public company and review their latest balance sheet.

REQUIRED: Identify the following:
a) Name of the company and URL and page #s where you obtained your information from the annual report
b) Account titles for current liabilities on the balance sheet
c) Account titles for long-term liabilities on the balance sheet
d) Review the notes at the back of the annual report and look for any "Commitments and Contingencies" footnote. Please describe briefly what they may be. (TIP: use Ctrl+F and type “Commitments and Contingencies” to locate the footnote)

Explanation / Answer

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjBsv6Gk6jMAhWMWj4KHT3GD3cQFggcMAA&url=http%3A%2F%2Fs1.q4cdn.com%2F806093406%2Ffiles%2Fdoc_financials%2F2015%2Far%2Fdocs%2Fnike-2015-form-10K.pdf&usg=AFQjCNFf1eOH3uVTS1wZAQUE4-At83BE6Q&sig2=IqXsXz8gg-_XAzbvZ6UH9Q&bvm=bv.119745492,d.cWw

Nike

Account titles for current liabilities on the balance sheet

(Page 109 of balance sheet –Nike inc. Consolidated balance sheet)

Current portion of long term debt

Notes payable

Accounts payable

Accrued liabilities

Income taxes payable

c) Account titles for long-term liabilities on the balance sheet

Long term debt

Deferred income taxes and other liabilities

Commitments and contingencies

d)Other contingencies – ( Page102)

regarding contractual and employment relationships, product liability claims,

trademark rights and a variety of other matters .We record contingent liabilities

resulting from claims against us, including related legal costs, when a loss is

assessed to be probable and the amount of the loss is reasonably estimable.