1. Take the Starbucks balance sheet (2019) and calculate the % of each account to the total of that section of the balance sheet (cash as a % of total assets, ST investments as a % of total assets......., then A/P as a % total of total liabilities, etc) For all categories under assets, liability and equity. Perform the calculations on 2019 only.

2. What is the value (market cap) of Starbucks at Sep 29, 2019?

3. What is the net cash flow from operating activities, financing activities and investing activities for 2019?

4. Why do we say that net income is not the same as net cash flow from operating activities?

5. What is the free cash flow of Starbucks in 2019 (please show the calculation)

STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share data) Fiscal Year Ended Sep 29, 2019 Sep 30, 2018 Oct 1 2017 Net revenues: Company-operated stores 21,544.4 $ 19,690.3 $ 17,650.7 Licensed stores 2,875.0 2,652.2 2,355.0 Other 2,089.2 2,377.0 2,381.1 Total net revenues 26,508.6 24, 719.5 22,386.8 Cost of sales 8,526.9 7,930.7 7,065.8 Store operating expenses 10,493.6 9,472.2 8,486.4 Other operating expenses 371.0 554.9 518.0 Depreciation and amortization expenses 1,377.3 1,247.0 1,011.4 General and administrative expenses 1,824.1 1,708.2 1,408.4 Restructuring and impairments 135.8 224.4 153.5 Total operating expenses 22,728.7 21,137.4 18,643.5 Income from equity investees 298.0 301.2 391.4 Operating income 4,077.9 3,883.3 4,134.7 Gain resulting from acquisition of joint venture 1,376.4 Net gain resulting from divestiture of certain operations 622.8 499.2 93.5 Interest income and other, net 96.5 191.4 181.8 Interest expense (331.0) (170.3) (92.5) Earnings before income taxes 4,466.2 5,780.0 4,317.5 Income tax expense 871.6 1,262.0 1,432.6 Net earnings including noncontrolling interests 3,594.6 4,518.0 2,884.9 Net earnings/(loss) attributable to noncontrolling interests (4.6) (0.3) 0.2 Net earnings attributable to Starbucks $ 3,599.2 $ 4,518.3 2,884.7 Earnings per share - basic 2.95 $ 3.27 $ 1.99 Earnings per share - diluted 2.92 $ 3.24 $ 1.97 Weighted average shares outstanding: Basic 1,221.2 1,382.7 1,449.5 Diluted 1,233.2 1,394.6 1,461.5 See Notes to Consolidated Financial Statements.STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Fiscal Year Ended Sep 29, 2019 Sep 30, Oct 1 2018 2017 Net earnings including noncontrolling interests $ 3,594.6 4,518.0 2,884.9 Other comprehensive income/(loss), net of tax: Unrealized holding gains/(losses) on available-for-sale securities 10.5 (7.0) 9.5) Tax (expense)/benefit (2.3) 1.9 2.9 Unrealized gains/(losses) on cash flow hedging instruments (14.1) 24.4 53.2 Tax (expense)/benefit 3.4 (6.5) (12.6) Unrealized gains/(losses) on net investment hedging instruments (39.8) 7.8 20.1 Tax (expense)/benefit 10.1 (2.2) (7.4) Translation adjustment and other (146.2) (220.0) (38.3) Tax (expense)/benefit 2.5 3.4 (2.4) Reclassification adjustment for net (gains)/losses realized in net earnings for available-for-sale securities, hedging instruments, and translation adjustment 1.3 24.7 (67.2) Tax expense/(benefit) 1.6 (1.2) 14.0 Other comprehensive income/(loss) (173.0 (174.7) (47.2) Comprehensive income including noncontrolling interests 3,421.6 4,343.3 2,837.7 interests Comprehensive income/(loss) attributable to noncontrolling (4.6) 0.3) 0.2 Comprehensive income attributable to Starbucks $ 3,426.2 $ 4,343.6 $ 2,837.5 See Notes to Consolidated Financial Statements.Sep 29. 2019 Sep 30. 2018 ASSETS Current assets: Cash and cash equivalents $ 2,686.6 $ 8,756.3 Short-term investments 70.5 181.5 Accounts receivable, net 879.2 693.1 Inventories 1.529.4 1,400.5 Prepaid expenses and other current assets 488.2 1,462.8 Total current assets 5,653.9 12,494.2 Long-term investments 220.0 267.7 Equity investments 396.0 334.7 Property, plant and equipment, net 6,431.7 5,929.1 Deferred income taxes, net 1,765.8 134.7 Other long-term assets 479.6 412.2 Other intangible assets 781.8 1,042.2 Goodwill 3,490.8 3,541.6 TOTAL ASSETS 19,219.6 $ 24,156.4 LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) Current liabilities: Accounts payable S 1,189.7 $ 1,179.3 Accrued liabilities 1,753.7 1,752.5 Accrued payroll and benefits 664.6 656.8 Income taxes payable 1,291.7 102.8 Stored value card liability and current portion of deferred revenue 1,269.0 1,642.9 Current portion of long-term debt 349.9 Total current liabilities 6,168.7 5,684.2 Long-term debt 11,167.0 9,090.2 Deferred revenue 6,744.4 6,775.7 Other long-term liabilities 1,370.5 1,430.5 Total liabilities 25,450.6 22,980.6 Shareholders' equity/(deficit): Common stock ($0.001 par value) - authorized, 2,400.0 shares; issued and outstanding, 1, 184.6 and 1,309.1 shares, respectively 1.2 1.3 Additional paid-in capital 41.1 41.1 Retained earnings/(deficit) (5,771.2) 1,457.4 Accumulated other comprehensive loss (503.3) (330.3) Total shareholders' equity/(deficit) (6,232.2) 1,169.5 Noncontrolling interests 1.2 6.3 Total equity/(deficit) (6,231.0 1,175.8 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) 19,219.6 $ 24,156.4 See Notes to Consolidated Financial Statements.Fiscal Year Ended 2019 2018 UCL I 2017 OPERATING ACTIVITIES: Net earnings including noncontrolling interests 3.594.6 $ 4.518.0 $ 2,884.9 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 1,449.3 1,305.9 1,067.1 Deferred income taxes, net (1,495.4) 714.9 95.1 Income earned from equity method investees (250.6) 242.8) (310.2) Distributions received from equity method investees 216.8 226.8 186.6 Gain resulting from acquisition of joint venture (1,376.4) Net gain resulting from divestiture of certain retail operations (622.8) (499.2) (93.5) Stock-based compensation 308.0 250.3 176.0 Goodwill impairments 10.5 37.6 87.2 Other 187.9 89.0 68.9 Cash provided by changes in operating assets and liabilities: Accounts receivable (197.7) 131.0 (96.8) Inventories (173.0) (41.2 14.0 Prepaid expenses and other current assets 922.0 (839.5) (20.0) Income taxes payable 1,237.1 146.0 (91.9) Accounts payable 31.9 391.6 46.4 Deferred revenue (30.5) 7,109.4 130.8 Other operating assets and liabilities (141.1) 16.4 107.2 Net cash provided by operating activities 5,047.0 11,937.8 4,251.8 INVESTING ACTIVITIES: Purchases of investments (190.4) (191.9) (674.4) Sales of investments 298.3 459.0 1,054.5 Maturities and calls of investments 59.8 45.3 149.6 Acquisitions, net of cash acquired (1,311.3) Additions to property, plant and equipment (1,806.6) (1,976.4) (1,519.4) Net proceeds from the divestiture of certain operations 684.3 608.2 85.4 Other (56.2) 5.6 54.3 Net cash used by investing activities (1,010.8) FINANCING ACTIVITIES: (2,361.5) (850.0) Proceeds from issuance of long-term debt 1,996.0 5,584.1 750.2 Repayments of long-term debt (350.0) (400.0) Proceeds from issuance of common stock 409.8 153.9 150.8 Cash dividends paid (1,761.3) (1,743.4) (1,450.4) Repurchase of common stock (10,222.3) (7,133.5) (2,042.5) Minimum tax withholdings on share-based awards (1 11.6) (62.7) (82.8) Other (17.5) (41.2) (4.4) Net cash used by financing activities (10,056.9) (3,242.8) (3,079.1) Effect of exchange rate changes on cash and cash equivalents (49.0) (39.5) 10.8 Net increase/(decrease) in cash and cash equivalents (6,069.7) 6,294.0 $33.5 CASH AND CASH EQUIVALENTS: Beginning of period 8,756.3 2,462.3 2,128.8 End of period 2.686.6 8.756.3 462.3 SUPPLEMENTAL DISCLOSURE OF CASH FLOW Cash paid during the period for: Interest, net of capitalized interest 299.5 S 137.1 $ 96.6 Income taxes, net of refunds 470.1 $ 1,176.9 $ 1,389.1 See Notes to Consolidated Financial Statements