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What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard? $ 20,917 ✓ million What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard? $ 20,921 x million

What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard? $ 20,917 ✓ million What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard? $ 20,921 x million

FINANCIAL ACCOUNTING
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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Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting standards (Topic 842) in its 10-Q report for the quarter ended March 31, 2019. The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 842 were as follows: ($ millions) Prepaid expenses and other Operating lease right-of-use assets Other assets Accounts payable and accrued liabilities Other current liabilities Current operating lease liabilities Deferred income taxes Noncurrent operating lease liabilities Adjustments At Dec. 31, 2018 due to Topic 842 At Jan. 1, 2019 $4,908 $(296) $4,612 20,917 (1,843) 10,545 22,501 8,239 33,795 13,922 39,188 1,409 (3) (2) 2,638 139 17,283 (1,815) 369 1 20,917 8,702 22,498 8,237 2,638 33,934 17,283 Other liabilities Retained earnings Noncontrolling interests Rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either Cost of services of Selling, general and administrative expense in our condensed consolidated statements of on which rent is being paid. 12,107 39,557 1,410 What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard? $ 20,917 ✔million What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard? $ 20,921 x million.
Transcribed Image Text:Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting standards (Topic 842) in its 10-Q report for the quarter ended March 31, 2019. The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 842 were as follows: ($ millions) Prepaid expenses and other Operating lease right-of-use assets Other assets Accounts payable and accrued liabilities Other current liabilities Current operating lease liabilities Deferred income taxes Noncurrent operating lease liabilities Adjustments At Dec. 31, 2018 due to Topic 842 At Jan. 1, 2019 $4,908 $(296) $4,612 20,917 (1,843) 10,545 22,501 8,239 33,795 13,922 39,188 1,409 (3) (2) 2,638 139 17,283 (1,815) 369 1 20,917 8,702 22,498 8,237 2,638 33,934 17,283 Other liabilities Retained earnings Noncontrolling interests Rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either Cost of services of Selling, general and administrative expense in our condensed consolidated statements of on which rent is being paid. 12,107 39,557 1,410 What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard? $ 20,917 ✔million What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard? $ 20,921 x million.
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