The following data are based on information in the 2019 annual reports of H&R Block, Inc. and Intuit, Inc. Dollar amounts are in millions.
H&R Block, Inc. has subsidiaries that provide tax, investment, retail banking, accounting, and business consulting services and products in the United States, Canada, and Australia. For the fiscal year ended April 30, 2019, the company prepared approximately 24 million tax returns. Intuit, Inc. is the company that sells the popular tax preparation software Turbo Tax, along with its other major product, QuickBooks. In the fiscal year ended July 31, 2019, its products were used by more than 50 million customers.

Required
a. Calculate each company’s net income and net change in cash for 2019.
b. Calculate each company’s ending cash balance for 2019.
c. Notice that cash flows from investing activities were negative for both companies. Write a brief explanation of your answer.
d. Notice that cash flows from financing activities were negative for both companies. Write a brief explanation as to what might have caused this.

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Assets Liabilities Stockholders' equity Revenues Expenses Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash balance at the beginning of 2019 H&R Block $3,300 2,758 542 3,095 2,672 607 (155) (404) 1,664 Intuit $ 6,283 2,534 3,749 6,784 5,227 2,324 (566) (1,034) 1,631