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VerizonWirelessBalance Sheet Data (Partial) andAnalysis(In millions)Current YearAnalysisPrior YearAnalysis...VerizonWirelessBalance Sheet Data (Partial) andAnalysis(In millions)Current YearAnalysisPrior...

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Question

Accounting

VerizonWireless
Balance Sheet Data (Partial) andAnalysis
(In millions)
Current YearAnalysisPrior YearAnalysis
Current assets$         2,290$           669
Current liabilities           2,257           2,172
Current ratio1.010.31
Total liabilities$         9,801$         9,854
Total assets           5,131           6,200
Debt to assets ratio1.911.59
If Verizon paid off $1 billion
of current liabilities with cash:
Current assets
Current liabilities
Current ratio
Total liabilities
Total assets
Debt to assets ratio

Answer & Explanation Solved by verified expert
3.9 Ratings (695 Votes)

  • The question states that $ 1 billion = $ 1,000 millions.

Current Assets will decrease by $ 1000 millions and hence Total assets will decrease by $ 1000 millions

Current Liabilities will decrease by $ 1000 million sand hence total liabilities will decrease by $ 1000 million

  • Requirement completed:

Current Year

Prior Year

Current assets

$                     2,290.00

$               669.00

Current liabilities

$                     2,257.00

$           2,172.00

Current ratio

1.01

0.31

Total liabilities

$                     9,801.00

$           9,854.00

Total assets

$                     5,131.00

$           6,200.00

Debt to assets ratio

1.91

1.59

If Verizon paid off $1 billion

of current liabilities with cash:

Current assets

$                     1,290.00

$             (331.00)

Current liabilities

$                     1,257.00

$           1,172.00

Current ratio

1.03

-0.28

Total liabilities

$                     8,801.00

$           8,854.00

Total assets

$                     4,131.00

$           5,200.00

Debt to assets ratio

2.13

1.70

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Transcribed Image Text

In: AccountingVerizonWirelessBalance Sheet Data (Partial) andAnalysis(In millions)Current YearAnalysisPrior YearAnalysis...VerizonWirelessBalance Sheet Data (Partial) andAnalysis(In millions)Current YearAnalysisPrior YearAnalysisCurrent assets$         2,290$           669Current liabilities           2,257           2,172Current ratio1.010.31Total liabilities$         9,801$         9,854Total assets           5,131           6,200Debt to assets ratio1.911.59If Verizon paid off $1 billionof current liabilities with cash:Current assetsCurrent liabilitiesCurrent ratioTotal liabilitiesTotal assetsDebt to assets ratio

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