Below are the account balances (all normal) for The Walt Disney Company as of October 3, 2020 after adjusting journal entries but before closing entries. The accounts are listed in alphabetical order. All amounts are in millions of U.S. dollars. The Company's fiscal year ends on the Saturday closest to September 30. Fiscal 2020, ended on October 3, 2020, and fiscal 2019 ended on September 28, 2019. There was no new investment by stockholders during fiscal 2020 (Hint: read this as no change in Common Stock).

 

  Accounts payable

      16,801

   Accounts receivable

      12,708

   Accumulated depreciation

      35,517

   Cash

      17,914

   Common stock

      54,497

   Cost of sales

      43,880

   Current portion of long-term debt

        5,711

   Depreciation and amortization expense

        5,345

   Dividends

        1,587

   Goodwill and other long-term assets

     105,295

   Income tax expense

           699

   Interest expense

        7,648

   Interest revenue

        1,689

   Inventories

        1,583

   Investments (long-term)

      28,925

   Long-term debt

      52,917

   Other current assets

        3,046

   Other long-term liabilities

      24,492

   Property, plant, and equipment

      67,595

   Retained earnings

      47,466

   Sales revenue

      65,388

   Selling, general and administrative expenses

      12,369

   Unearned revenue

        4,116

   

Required:

Prepare the following for fiscal 2020 for Disney:

a)     Income Statement - single step format (7.5 points)

b)     Statement of Stockholder's Equity (4 points)

c)     Classified Balance Sheet (15.5 points)

d)     Closing journal entries and short questions.

Answer rating: 100% (QA)

a Income Statement single step format The income statement presents the revenues and expenses of a company for a specific period of time The format used here is the singlestep format where all revenue... View the full answer