The following balances were taken from the December 31, 2019, balance sheet of AT&T (dollars in millions):

Early in 2020, AT&T considered the financial effects of several events.

INSTRUCTIONS:

For each of the five events listed here, indicate how they would affect the financial ratios listed by completing the following chart. Assume that financial statements are prepared immediately after each event. Treat each event independently, and use the following key: increase (+), decrease (-), and no effect (NE).

Transcribed Image Text:

$14,975 54,761 496,908 68,911 Net income Current assets Long-term assets Current liabilities Long-term liabilities Shareholders' equity 280,824 201,934