Question
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 Forma2020 2019
Assets
Current assets
Cash and cash equivalents $ 22,171$ 2,594
Accounts receivable25,169 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
Inventories1,796 1,422
Prepaid expenses and other6,710 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 96,097 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
Consolidated Statements of Comprehensive Income (dollars in millions)
Years Ended December 31, 2020 2019
Net Income $ 18,348 $ 19,788
Other Comprehensive Loss, Net of Tax (Expense) Benefit
Foreign currency translation adjustments,
net of tax of $19, $(21) and $(11) 180 16
Unrealized gain (loss) on cash flow hedges,
net of tax of $197, $265 and $(19) (571) (736)
Unrealized gain (loss) on marketable securities,
net of tax of $(2), $(2) and $0 (2) 7
Defined benefit pension and postretirement plans,
net of tax of $221, $219 and $284 (676) (659)
Other comprehensive loss attributable to Verizon( (1,069) (1,372)
Total Comprehensive Income $ 17,279 $ 18,416
Comprehensive income attributable to non controlling interests $ 547$ 523
Comprehensive income attributable to Verizon 16,732 17,893
Total Comprehensive Income $ 17,279$ 18,416
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