verizonConsolidated Income Statements (In millions of dollars)Year endedDec 31, 2020$ 128,292Year endedDec 31, 2019$ 131,868SalesCost of goods sold51,20154,726Gross profit77,09177,142Selling, general and administrative expenses31,57329,896Depreciation and amortization expense16,72016,682Income from operations28,79830,564Other expense, net5843,101Interest expense4,2474,730Income before income taxes23,96722,733|Income tax expense/(benefit)5,6192,945Net income$ 18,348$19,788Horizontal analysis shows that Verizon's net income growth from 2019 to 2020is -7.85%.Horizontal analysis shows that Verizon's net income growth from 2019 to 2020is -1,440%.Horizontal analysis shows that Verizon's net income growth from 2019 to 2020is -7.28%.Horizontal analysis shows that Verizon's net income growth from 2019 to 2020is -1.09%. Which of the following statements is TRUE about Verizon's financial statements?verizonConsolidated Balance Sheets (In millions of dollars)As ofAs ofDec 31, 2020$ 22,171Dec 31, 2019$ 2,594ASSETSCash and cash equivalentsAccounts receivable23,91725,429Inventories1,7961,422Prepaid expenses and other current assets6,7108,028Total current assets54,59437,473Property and equipment, netIntangible assetsOther long-term assets94,83391,915152,814151,64010,699$ 291,72714,240Total assets$ 316,481LIABILITIES & EQUITYDebt maturing within one year$ 5,889$ 10,777Accounts payable and accrued liabilities20,65821,806Other current liabilities13,11312,285Total current liabilities39,66044,868Long-term debt123,173100,712Other long-term liabilities84,37683,312Total liabilities247,209228,892Common stock and additional paid in capital13,83313,858Retained earnings60,46453,147Accumulated other comprehensive income(5,025)(4,170)Total shareholders' equity69,27262,835Total liabilities and shareholders' equity$ 316,481$ 291,727

Horizontal analysis means where the analysis is made with regard with two different period where as…

Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -7.85%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -1,440%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -7.28%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -1.09%.

Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -7.85%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -1,440%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -7.28%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is -1.09%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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