Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with the Pro Forma part. Based on 2020,2019 and forcest of 10% increase in sales. An abbreviated Pro-forma Income Statement and Balance

I need help with the Pro Forma part. Based on 2020,2019 and forcest of 10% increase in sales.

An abbreviated Pro-forma Income Statement and Balance Sheet is needed.You do no need to encompass all the variables but rather show sales, cost of goods sold or cost of services provides, and fixed costs.Other noteworthy items can be included if they are significant.

(dollars in millions, except per share amounts)

At December 31,Pro Forma 2020 2019

Assets

Current assets

Cash and cash equivalents $ 22,171$ 2,594

Accounts receivable 25,169 26,162

Less Allowance for credit losses 1,2520

Less Allowance for doubtful accounts _0__733

Accounts receivable, net (Note 1) 23,917 25,429

Inventories 1,796 1,422

Prepaid expenses and other 6,710 8,028

Total current assets 54,594 37,473

Property, plant and equipment 279,737 265,734

Less Accumulated depreciation 184,904 173,819

Property, plant and equipment, net 94,833 91,915

Investments in unconsolidated businesses 589 558

Wireless licenses 6,097 95,059

Goodwill 24,773 24,389

Other intangible assets, net 9,413 9,498

Operating lease right-of-use assets 22,531 22,694

Other assets 13,651 10,141

Total assets $ 316,481 $ 291,727

Liabilities and Equity

Current liabilities

Debt maturing within one year $ 5,889 $ 10,777

Accounts payable and accrued liabilities 20,658 21,806

Current operating lease liabilities 3,485 3,261

Other current liabilities 9,628 9,024

Total current liabilities 39,660 44,868

Long-term debt 123,173 100,712

Employee benefit obligations 18,657 17,952

Deferred income taxes 35,711 34,703

Non-current operating lease liabilities 18,000 18,393

Other liabilities 12,008 12,264

Total long-term liabilities 207,549 184,024

Equity

Series preferred stock

($0.10 par value; 250,000,000 shares authorized; none issued)

Common stock ($0.10 par value; 6,250,000,000 shares authorized

in each period; 4,291,433,646 shares issued in each period) 429 429

Additional paid in capital 13,404 13,419

Retained earnings 60,46453,147

Accumulated other comprehensive income (loss) (71) 998

Common stock in treasury, at cost

(153,304,088 and 155,605,527 shares outstanding) (6,719) (6,820)

Deferred compensation - employee stock ownership plans and other 335 222

Non-controlling interests 1,4301,440

Total equity 69,272 62,835

Total liabilities and equity$ 316,481$ 291,727

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Shenanigans

Authors: Howard Schilit

2nd Edition

0071386262, 9780071386265

More Books

Students also viewed these Accounting questions

Question

What is the biggest strength of the program?

Answered: 1 week ago

Question

3. What is my goal?

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago