At the most recent balance sheet date, Disney's basic accounting equation was (in millions): Assets $193,984= Liabilities $31,341 + Stockholders' Equity $93,889 a. True. b. False. Over the last three reporting periods, Disney's net income a. increased b. decreased c. stayed the same d. increased from 2017 to 2018 and then decreased from 2018 to 2019 For the most recent reporting period, did Disney's total revenues exceed its total expenses? a. Yes. b. No. c. Same amounts. d. Cannot be determined. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) OPERITING ACTIVITIES Net income from continuing operations Depreciation and amortization Gain on acquisitions and dispositions Deferred income taxes Equity in the (income) / loss of investees Cash distributions received from equity investees Net change in film and television costs and advances Equity-based compensation Other Changes in operating assets and liabilities, net of business acquisitions: INEESTING ACTVITIES Investments in parks, resorts and other property Acquisitions Other Cash used in investing activities - continuing operations FINANCING ACTIITIES Commercial paper borrowings (payments), net Borrowings Reduction of borrowings Dividends Repurchases of common stock Proceeds from exercise of stock options Contributions from / sales of noncontrolling interests Acquisition of noncontrolling and redeemable noncontrolling interests Other Cash used in financing activities - continuing operations CASH FLOWS FROM DISCONTINUED OPERATIONS Cash provided by operations - discontinued operations Cash provided by inyesting activities - discontinued operations Cash used in financing activities - discontinued operations Cash used in discontinued operations Impact of exchange rates on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restrieted cash, beginning of year https://www.sec.gov/Archives/edgar/data/1744489/000174448919000225/fy2019q410k.htm (3,623) (417) (71) See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) Revenues: Services Products Total revenues Costs and expenses: Cost of services (exchusive of depreciation and amortization) Cost of products (exclusive of depreciation and amortization) Selling. general, administrative and other Depreciation and amortization Total costs and expenses Restructuring and impairment charges Other income, net Interest expense, net Equity in the income (loss) of investees, net Income from continuing operations before income taxes Income taxes from continuing operations Net income from continuing operations Income from discontinued operations (includes income tax expense of 535,$0 and $0, respectively) Net income Less: Net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests Earnings per share attributable to Disney: Diluted (1) Continuing operations Discontinued operations Basie(1) Continuing operations Discontinued operations Weighted average number of common and common equivalent shares outstanding: Diluted Basic a) Total may not equal the sum of the column due to rounding. See Notes to Consolidated Financial Statements Document ABLE OF CONTENTS CONSOLIDATED BALANCE SHEETS (in millions, except per share data) ASSETS September 28,2019 September 29,2018 Current assets Cash and cash equivalents Receivables Inventories Television costs and advances Other current assets Total current assets Film and television costs Investments Parks, resorts and other property Attractions, buildings and equipment Accumulated depreciation Projects in progress Land Intangible assets, net Goodwill Other assets LIABILITIES AND EQUITY \begin{tabular}{rrr} $5,418 & $ & 4,150 \\ 15,481 & 9,334 \\ 1,649 & 1,392 \\ 4,597 & & 1,314 \\ 979 & & 635 \\ \cline { 3 - 3 } \cline { 3 - 3 } 28,124 & & 16,825 \\ 22,810 & & 7,888 \\ 3,224 & & 2,899 \end{tabular} Current liabilities Accounts payable and other accrued liabilities Current portion of borrowings Deferred revenue and other Total current liabilities Borrowings Deferred income taxes Other long-term liabilities Commitments and contingencies (Note 15) Redecmable noncontrolling interests Equity Preferred stock Common stock, $.01 par value, Authorized 4.6 billion shares, Issued 1.8 billion shares at September 28,2019 and 2.9 billion shares at September 29,2018 Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 19 million shares at September 28, 2019 and 14 billion shares at September 29,2018 Total Disney Shareholders' equity Noncontrolling interests Total equity Total liabilities and equity See Notes to Consolidated Financial Sratements https://www.sec.gov/Archives/edgar/data/1744489/000174448919000225/fy2019g410k.htm 112/197 1/29/2020 Document CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in millions) 1/29/2020 Document See Notes to Consolidated Financial Statements