Compare Income Statements and Balance Sheets of Competitors a. Following are selected income statement data for two communications companies, Comcast and Verizon, for the year ended December 31, 2018. Express each income statement amount as a percentage of sales. Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%). Income Statement ($ millions) Comcast Verizon Sales $87,892 Answer $121,703 Answer Operating costs 75,498 Answer 108,585 Answer Operating profit 12,394 Answer 13,118 Answer Nonoperating expenses 6,647 Answer 5,802 Answer Net income $5,747 Answer $7,316 Answer b. Following are selected balance sheet data for two communications companies, Comcast and Verizon, for the year ended December 31, 2018. Express each balance sheet amount as a percentage of total assets. Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%). Balance Sheet ($ millions) Comcast Verizon Current assets $20,319 Answer $32,211 Answer Long-term assets 229,836 Answer 230,193 Answer Total assets $250,155 Answer $262,404 Answer Current liabilities $25,671 Answer $35,275 Answer Long-term liabilities 140,968 Answer 160,136 Answer Total liabilities $166,639 Answer $195,411 Answer Stockholders’ equity* 83,516 Answer 66,993 Answer Total liabilities and equity $250,155 Answer $262,404 Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Compare Income Statements and Balance Sheets of Competitors
a. Following are selected income statement data for two communications companies, Comcast and Verizon, for the year ended December 31, 2018. Express each income statement amount as a percentage of sales.
Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%).

Income Statement ($ millions)	Comcast	Verizon
Sales	$87,892	Answer	$121,703	Answer
Operating costs	75,498	Answer	108,585	Answer
Operating profit	12,394	Answer	13,118	Answer
Nonoperating expenses	6,647	Answer	5,802	Answer
Net income	$5,747	Answer	$7,316	Answer

b. Following are selected balance sheet data for two communications companies, Comcast and Verizon, for the year ended December 31, 2018. Express each balance sheet amount as a percentage of total assets.
Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%).

Balance Sheet ($ millions)	Comcast	Verizon
Current assets	$20,319	Answer	$32,211	Answer
Long-term assets	229,836	Answer	230,193	Answer
Total assets	$250,155	Answer	$262,404	Answer
Current liabilities	$25,671	Answer	$35,275	Answer
Long-term liabilities	140,968	Answer	160,136	Answer
Total liabilities	$166,639	Answer	$195,411	Answer
Stockholders’ equity*	83,516	Answer	66,993	Answer
Total liabilities and equity	$250,155	Answer	$262,404	Answer

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