Hypothetical balance sheets of Nike, Inc. are presented here. NIKE, INC. Condensed Balance Sheet May 31 ($ in millions) 2022 2021 Assets Current Assets $9,520 $8,720 Property, plant, and equipment (net) 2,010 1,870 Other assets 1,550 1,610 Total assets $13,080 $12,200 Liabilities and Stockholders' Equity Current Liabilities $3,210 $3,320 Long-term liabilities 1,210 1,290 Stockholders’ equity 8,660 7,590 Total liabilities and stockholders' equity $13,080 $12,200 (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e. g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e. g. 12.5%.)

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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