Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. support analyzing and interpreting footnote on ope

Support Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc. provides the...

90.2K

Verified Solution

Question

Accounting

image
image
image
image
image
Support 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: Adjustments ($ millions) At Dec. 31, 2018 due to Topic 842 Prepaid expenses and other $6,544 $(395) Operating lease right-of- 27,889 use assets ($ 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 Adjustments At Dec. 31, 2018 due to Topic 842 At Jan. 1, 2019 $6,544 $(395) $6,149 27,889 27,889 14,060 (2,458) 11,602 22,501 (3) 22,498 8,239 (2) 8,237 3,517 3,517 33,795 139 33,934 AAA

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students