at Pro DC File Edit View Window Help AC493_Sum Exam_2020_24_hour_Take_Home_Exam(1).pdf 93% [ Fri 6:41 PM Meena Mehrotra Q Tools AC493_Summer... x A (+ 135% QUESTION S The following is an extract from Apple Inc.'s cashflow statement showing the cashflow generated by operations. Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 28, September 29, 2019 September 30, 2018 2017 Cash, cash equivalents and restricted cash, beginning balances 25,913 S 20.289 $ 20.484 Operating activities: Net income 55.256 59,531 48.351 Adjustments to reconcile net income to cash generated by operating activities Depreciation and amortization 12,547 10,903 10.157 Share-based compensation expense 6,068 5,340 4.840 Deferred income tax expense/(benefit) (340) (32,590) 5,966 Other (652) (444) (166 Changes in operating assets and liabilities Accounts receivable, net 245 (5,322] (2.093) Inventories 289) 828 (2,723) Vendor non-trade receivables 2,931 (8,010) (4.254) Other current and non-current assets 873 423) (5,318) Accounts payable (1,923) 9.175 8.986 Deferred revenue 625) (3) (593) Other current and non-current liabilities 4.700) 38,449 1.092 39.391 77 434 64.225 Cash generated by operating activities W 4 X