The Walt Disney Company had the following assets and liabilities (in millions) as of September 30, 2003.
Assets ........ $49,988
Liabilities ...... 26,197
a. Determine the stockholders’ equity of Walt Disney as of September 30, 2003.
b. If assets increased by $3,914 and stockholders’ equity increased by $2,290, what was the increase or decrease in liabilities for the year ending September 30, 2004?
c. What were the total assets, liabilities, and stockholders’ equity as of September 30, 2004?
d. Based upon your answer to (c), does the accounting equation balance?