¨In the fiscal year ended September 2013, Disney reported the following: ¤Operating income (adjusted for leases) = $10,032 million ¤Effective tax rate = 31.02% ¤Capital Expenditures (including acquisitions) = $5,239 million ¤Depreciation & Amortization = $2,192 million ¤Change in non-cash working capital = $103 million ¨The free cash flow to the firm

¨In the fiscal year ended September 2013, Disney reported the following: ¤Operating income (adjusted for leases) = $10,032 million ¤Effective tax rate = 31.02% ¤Capital Expenditures (including acquisitions) = $5,239 million ¤Depreciation & Amortization = $2,192 million ¤Change in non-cash working capital = $103 million ¨The free cash flow to the firm

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 5P

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