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Question - Given Cisco Systems Consolidated Statements of Income and Balance Sheets.
Cisco Systems Consolidated Statements of Income
Years Ended December ($ millions)
July 27, 2019
July 28, 2018
Revenue
Product
$39,005
$36,709
Service
12,899
12,621
Total revenue
51,904
49,330
Cost of sales
14,863
14,427
4,375
4,297
Total cost of sales
19,238
18,724
Gross margin
32,666
30,606
Operating expenses
Research and development
6,577
6,332
Sales and marketing
9,571
9,242
General and administrative
1,827
2,144
Amortization of purchased intangible assets
150
221
Restructuring and other charges
322
358
Total operating expenses
18,447
18,297
Operating income
14,219
12,309
Interest income
1,308
1,508
Interest expense
(859)
(943)
Other income (loss), net
(97)
165
Interest and other income (loss), net
352
730
Income before provision for income taxes
14,571
13,039
Provision for income taxes
2,950
12,929
Net income
$11,621
$110
Cisco Systems Inc. Consolidated Balance Sheets
In millions, except par value
Assets
Current assets
Cash and cash equivalents
$11,750
$8,934
Investments
21,663
37,614
Accounts receivable, net of allowance for doubtful accounts
5,491
5,554
Inventories
1,383
1,846
Financing receivables, net
5,095
4,949
Other current assets
2,373
2,940
Total current assets
47,755
61,837
Property and equipment, net
2,789
3,006
4,958
4,882
Goodwill
33,529
31,706
Purchased intangible assets, net
2,201
2,552
Deferred tax assets
4,065
3,219
Other assets
2,496
1,582
Total assets
$97,793
$108,784
Liabilities and equity
Current liabilities
Short-term debt
$10,191
$5,238
Accounts payable
2,059
1,904
Income taxes payable
1,149
1,004
Accrued compensation
3,221
2,986
Deferred revenue
10,668
11,490
Other current liabilities
4,424
4,413
Total current liabilities
31,712
27,035
Long-term debt
14,475
20,331
8,927
8,585
7,799
8,195
Other long-term liabilities
1,309
1,434
Total liabilities
64,222
65,580
Equity:
Cisco shareholders' equity
Preferred stock, no par value: 5 shares authorized; none issued and outstanding
--
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized;
4,250 and 4,614 shares issued and outstanding at July 27, 2019, and July 28, 2018, respectively
40,266
42,820
(Accumulated deficit) Retained earnings
(5,903)
1,233
Accumulated other comprehensive income (loss)
(792)
(849)
Total Cisco shareholders' equity
33,571
43,204
Total equity
Total liabilities and equity
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