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Unformatted text preview: l reporting purposes it creates a deferred
tax liability. If a company were to depreciate an asset more quickly
for financial reporting purposes than for tax purposes it would
create a deferred tax asset (this is not common). Given Disney’s
footnote disclosure, it is likely the company is depreciating and
amortizing its assets more quickly for tax purposes than for
financial reporting purposes. Page 16 of 21 END-OF-CHAPTER MATERIAL DISNEY’S 2009 FINANCIAL STATEMENTS
CON SOLI D ATED STATEM EN TS OF I N COM E
(in millions, except per share data)
Revenues $ Costs and exp enses 36,149 $ 2007 37,843 $ 35,510 (30,452)
(492) (39) 342 (59) (466) (524) (593) 577 581 485 5,658 7,402 7,725 (2,049) (2,673) (2,874) (302) Restru ctu ring and im p airm ent charges (30,400) (302) (177) Other incom e (exp ense)
N et interest exp ense
Equity in the incom e of investees
Incom e from continu ing op erations before income
taxes and m inority interests
Incom e taxes
Minority interests (28,655)
1,004 Incom e from continu ing op erations 3,307 4,427 4,674 Discontinu ed op erations, net of tax — — 13 N et incom e $ 3,307 $ 4,427 $ 4,687 Dilu ted Earnings p er share:
Earnings p er share, continu ing...
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This homework help was uploaded on 03/27/2014 for the course ACCOUNTING 151 taught by Professor Chinn during the Spring '12 term at Lehigh University .
- Spring '12