Using the fiscal 2015 financial data provided in the below, please explain a budget for fiscal 2016 using as assumed growth rate of 5%. Please state all assumptions.Exhibit A:CONSOLIDATED STATEMENTS OF INCOME(in millions, except per share data)20152014Revenues:2013Services43,89440 246Products37.2808.5718.5677,761Total revenues52,46518 81315.041Costs and expenses:Cost of services (exclusive of depreciation and amortization)(23,191)(21,356)(20,090)Cost of products (exclusive of depreciation and amortization)(5,173)(5,064)(4,944)Selling, general, administrative and other(8,523)(8,565)(8,365)Depreciation and amortization(2,354)(2,288)(2,192)Total costs and expenses(39,241)(37,273)(35,591)Restructuring and impairment charges($3)140)(214)Other expense, net(31)(69)Interest income/(expense), net(117)23(235)Equity in the income of investees814854688Income before income taxes13,86812.2469.620Income taxes(5,016)(4,242)(2,984)Net income8,8528,0046.636Less: Net income attributable to noncontrolling interests(470)(503)(500)Net income attributable to The Walt Disney Company (Disney)8,3827,5016,136
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