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Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions, except for par value.
a. Purchased additional buildings for $303 and equipment for $1,202; paid $432 in cash and signed a long-term note for the rest.
b. Issued 10 shares of $1 par value common stock for $695 cash.
c. Declared $1,159 in dividends to be paid in the following year.
d. Purchased additional short-term investments for $5,928 cash.
e. Several Nike investors sold their own stock to other investors on the stock exchange for $7,150.
f. Sold $2,423 in short-term investments for $2,423 in cash.
Required: For each of the events (a) through (f), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction.
