VER MET The Walt Disney Company's financial statements say: "we are a diversified The War Disney Media Networks: Parks, Experiences and Products: Studio Entertainment; and Direct- Company to-Consumer & Interactive (DTCI). In October 2020, the Company announced a strategic reorganization of our media and entertainment businesses to accelerate the growth of our direct-to- consumer (DTC) strategy." 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 Accounts receivable Accumulated depreciation Cash Common stock Cost of sales Current portion of long-term debt Depreciation and amortization expense Dividends Goodwill and other long-term assets Income tax expense Interest expense Interest revenue Inventories Investments (long-term) 16,801 12.708 35,517 17.914 54.497 43,880 5,711 5.345 1,587 105,295 699 7.648 1.689 1.583 28.925 52.917 labi Other long-term liabilities Property, plant, and equipment Retained earnings Sales revenue Selling general and administrative expenses Unearned revenue 24.492 67,595 47.466 65,388 12.369 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 (9.5 points) Part (a): Prepare Disney's Income Statement for the year ended October 3, 2020 (7.5 points). VER MET The Walt Disney Company's financial statements say: "we are a diversified The War Disney Media Networks: Parks, Experiences and Products: Studio Entertainment; and Direct- Company to-Consumer & Interactive (DTCI). In October 2020, the Company announced a strategic reorganization of our media and entertainment businesses to accelerate the growth of our direct-to- consumer (DTC) strategy." 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 Accounts receivable Accumulated depreciation Cash Common stock Cost of sales Current portion of long-term debt Depreciation and amortization expense Dividends Goodwill and other long-term assets Income tax expense Interest expense Interest revenue Inventories Investments (long-term) 16,801 12.708 35,517 17.914 54.497 43,880 5,711 5.345 1,587 105,295 699 7.648 1.689 1.583 28.925 52.917 labi Other long-term liabilities Property, plant, and equipment Retained earnings Sales revenue Selling general and administrative expenses Unearned revenue 24.492 67,595 47.466 65,388 12.369 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 (9.5 points) Part (a): Prepare Disney's Income Statement for the year ended October 3, 2020 (7.5 points)
