Which of the following statements is TRUE about Verizon's fınancial 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, net94,83391,915Intangible assets152,814151,640Other long-term assets10,699$ 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 verizonConsolidated Income Statements (In millions of dollars)Year endedYear endedDec 31, 2020Dec 31, 2019Sales$ 128,292$ 131,868Cost 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 taxes23,96722,733Income tax expense/(benefit)5,6192,945Net income$ 18,348$19,788Verizon's 2019 common-sized balance sheet would show each balance sheetnumber divided by $291,727.Verizon's 2019 common-sized income statement would show each incomestatement number divided by $77,142.Verizon's 2020 common-sized income statement would show each incomestatement number divided by $18,348.Verizon's 2020 common-sized balance sheet would show each balance sheetnumber divided by $128,292.

In order to prepare the common size Balance sheet the total of assets liabilities and stockholders’…

verizon Consolidated Income Statements (In millions of dollars) Year ended Year ended Dec 31, 2020 Dec 31, 2019 Sales $ 128,292 $ 131,868 Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation and amortization expense 51,201 54,726 77,091 77,142 31,573 29,896 16,720 16,682 Income from operations 28,798 30,564 Other expense, net 584 3,101 Interest expense 4,247 4,730 Income before income taxes 23,967 22,733 Income tax expense/(benefit) 5,619 2,945 Net income $ 18,348 $19,788 Verizon's 2019 common-sized balance sheet would show each balance sheet number divided by $291,727. Verizon's 2019 common-sized income statement would show each income statement number divided by $77,142. Verizon's 2020 common-sized income statement would show each income statement number divided by $18,348. O Verizon's 2020 common-sized balance sheet would show each balance sheet number divided by $128,292.

verizon Consolidated Income Statements (In millions of dollars) Year ended Year ended Dec 31, 2020 Dec 31, 2019 Sales $ 128,292 $ 131,868 Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation and amortization expense 51,201 54,726 77,091 77,142 31,573 29,896 16,720 16,682 Income from operations 28,798 30,564 Other expense, net 584 3,101 Interest expense 4,247 4,730 Income before income taxes 23,967 22,733 Income tax expense/(benefit) 5,619 2,945 Net income $ 18,348 $19,788 Verizon's 2019 common-sized balance sheet would show each balance sheet number divided by $291,727. Verizon's 2019 common-sized income statement would show each income statement number divided by $77,142. Verizon's 2020 common-sized income statement would show each income statement number divided by $18,348. O Verizon's 2020 common-sized balance sheet would show each balance sheet number divided by $128,292.

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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