Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Not complete Marked out of 2.00 P Flag question Analyzing and Interpreting Footnote on Operating and Capital Leases Verizon Communications Inc provides the

image text in transcribedimage text in transcribed

Question 1 Not complete Marked out of 2.00 P Flag question 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 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 At Jan. 1, 2019 Prepaid expenses and other $4,908 $(296) $4,612 Operating lease right-of-use assets 20,917 20,917 Other assets 10.545 (1,843) 8,702 Accounts payable and accrued liabilities 22,501 (3) 22,498 Other current liabilities 8,239 (2) 8,237 Current operating lease liabilities 2,638 2,638 Deferred income taxes 33,795 139 33,934 Noncurrent operating lease liabilities 17,289 17,283 Other liabilities 13,922 (1,815) 12,107 Retained earnings 39,188 369 39.557 Noncontrolling interests 1,409 1 1,410 Dont Voco fornraticieronizada trairbt linhacinor the termoftbalandic included in withoort of cancer of Golisoni 1.409 1.410 Rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either Cost of services of Selling general and administrative expense in our condensed consolidated statements of income, based on the use of the facility on which rent is being paid. What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard? $ 0 million What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard? $0 million

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions