The following data (in millions) are taken from recent financial statements of Nike Inc.:

	Year 1	Year 2
Net sales (revenues) . . . . .	$19,014	$ 19,176
Net income . . . . . . . . . . . .	1,907	1,487

b. Determine the percentage relationship between net income and net sales (net income divided by net sales) for Year 2 and Year 1. Round to one decimal place.

All of the following accounts have normal credit balances except for _____.

a. Prepaid Expense

b. Salaries Payable

c. Capital

d. Accounts Payable

The following annual account balances are from Armour Sports at December 31.

a. What is the change in the number of days' sales uncollected between Year 1 and Year 2?

All of the following accounts have normal debit balances EXCEPT

a. Cash
b. Wages Expense
c. Common Stock
d. Accounts Receivable

The following data (in millions) are taken from recent financial statements of Nike Inc.:

$$\begin{array}{lrr} & \textbf{Year 2} & \textbf{Year 1} \\ \hline \text{Net sales (revenues)} & \$ 24,128 & \$ 20,862 \\ \text{Net income} & 2,223 & 2,133 \end{array}$$

a. Determine the amount of change (in millions) and percent of change in net income for Year 2. Round to one decimal place.

Last year net sales were $400,000.
This year net sales are$600,000.
What is the amount of change?
What is the percent change?

The following data are taken from recent financial statement of Nike, Inc. (in millions):

$$\begin{array}{lrr} & \textbf{Year 2} & \textbf{Year 1}\\ \hline \text{Sales (revenues). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . } & \$30,601 & \$27,799\\ \text{Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . } & 3,273 & 2,693\\ \end{array}$$

a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2. Round to one decimal place. b. Determine the percentage relationship between net income and sales for Year 2 and Year 1. Round to one decimal place. c. What conclusions can you draw from your analyses?

A bank account pays 5.3% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $12,000 at the end of one year?

Refer to the information for Lansing Company.

Required

Prepare the cash flows from operating activities section only of the company's 2013 statement of cash flows using the direct method.

The Commerce Society would like to endow an annual prize of $120 to the student who is deemed to have exhibited the most class spirit. The Society is confident that it can invest indefinitely at an interest rate of at least 2.5% a year. How much does the Society need to endow its prize?

If you pay $4,126 for a 20-year zero coupon bond with a face value of$10,000, what is your annual compound rate of return?

Refer to the information about Sonad Company in Exercise 16-4. Apply the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company.

Refer to the information in the previous problem.

Required
Prepare the cash flows from operating activities section only of the company’s 2011 statement of cash flows applying the direct method.

Refer to the previous discussion and prepare Middleburg Golf Club’s statement of cash flows for the year ended September 30, 2018. The company uses the direct method for operating cash flows.