Question A: In excel, perform horizontal analysis of the balance sheet.

Question B: summarize the balance sheet results of the horizontal analysis. Simply select some of the higher or lower %s to discuss.

CONSOLIDATED BALANCE SHEETS (in millions, except per share data) December 31, 2018 2019 $ 31,750 $ 9,500 17,174 16,677 75,101 61,797 ASSETS Current assets: Cash and cash equivalents Marketable securities Inventories Accounts receivable, net and other Total current assets Property and equipment, net Operating leases Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other Unearned revenue Total current liabilities Long-term lease liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: 36,092 18,929 20,497 20,816 96,334 72,705 25.141 14,754 16,314 225,248 14,548 11,202 162,648 $ $ $ 1 38,192 $ 23,663 6,536 68,391 9,650 23,495 17,563 47.183 32,439 8,190 87,812 39,791 23,414 12,171 + 61.797 14.548 11,202 162,648 $ 72,705 25,141 14,754 16,314 225,248 S S 38.192 $ 23,663 6,536 68,391 9.650 23,495 17,563 47,183 32,439 8,190 87.812 39,791 23,414 12,171 Property and equipment, net Operating leases Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued cxpenses and other Uneamed revenue Total current liabilities Long-term lease liabilities Long-term debt Other long-term liabilities Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $0.01 par value: Authorized shares 500 Issued and outstanding shares - none Common stock, $0.01 par value: Authorized shares - 5,000 Issued shares - 514 and 521 Outstanding shares 491 and 498 Treasury stock, at cost Additional paid-in capital Accumulated other comprehensive income (loss) Retained carnings Total stockholders' equity Total liabilities and stockholders' equity 5 (1,837) 26,791 (1.035) 5 (1,837) 33,658 (986) 31,220 62,060 225,248 19,625 43,549 162,648 $ S