Answer Happy

Item

Recognition of Liability? (Must type yes or
no)

Account Name (choose the correct answer)

$ Measurement Amount (don't put $ sign or MM for
example 1MM should be listed as 1)

Current or Noncurrent


1. Nike
agrees to purchase a plot of land on which it will build a factory
for $5MM.










2. Nike
places a $50MM order from one of its suppliers. The supplier is
completing the manufacturing of the goods and will ship them within
six months.










3. Nike
signs a 5-year employment offer with an incoming CFO for $15MM
salary and stock options. The CFO will start in two months.










4. Nike
receives a check of $12MM from a store for merchandise that it will
ship to the store in 90 days.










5. The
supplier from above (with the $50MM order) ships the goods to Nike
and sends an invoice. Nike obtains ownership of the goods when they
arrive. The goods should arrive in less than 14 days.