Below are the account balances (all normal) for The Walt Disney Company as of October 3, 2020
Question:
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 Companys 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 |
Prepare the following for fiscal 2020 for Disney with titles:
- Income Statement single step format (7.5 points)
- Statement of Stockholder's Equity (4 points)
- Classified Balance Sheet (15.5 points)
- Closing journal entries and short questions (9.5 points)
Short questions:
1. What were the net earnings reported on Disneys fiscal 2020 income statement?
2. What is the Retained Earnings balance shown on Disneys October 3, 2020 balance sheet?
3. How much did Disney pay to stockholders during the fiscal year ended October 3, 2020?