verizon Consolidated Balance Sheets (In millions of dollars) As of Dec 31, 2020 $ 22,171 23,917 1,796 6,710 54,594 94,833 152,814 14,240 $ 316,481 As of Dec 31, 2019 $ 2,594 25,429 1,422 8,028 37,473 91,915 151,640 10,699 $ 291,727 ASSETS Cash and cash equivalents Accounts receivable Inventories Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets Other long-term assets Total assets LIABILITIES & EQUITY Debt maturing within one year Accounts payable and accrued liabilities Other current liabilities Total current liabilities Long-term debt Other long-term liabilities Total liabilities Common stock and additional paid in capital Retained earnings Accumulated other comprehensive income Total shareholders' equity Total liabilities and shareholders' equity $ 5,889 20,658 13,113 39,660 123,173 84,376 247,209 13,833 60,464 (5,025) 69,272 $ 316,481 $ 10,777 21,806 12,285 44,868 100,712 83,312 228,892 13,858 53,147 (4,170) 62,835 $ 291,727 verizon Consolidated Income Statements (In millions of dollars) Year ended Year ended Dec 31, 2020 Dec 31, 2019 Sales $ 128,292 $ 131,868 Cost of goods sold 51,201 54,726 Gross profit 77,091 77,142 Selling, general and administrative expenses 31,573 29,896 Depreciation and amortization expense 16,720 16,682 Income from operations 28,798 30,564 Other expense, net 584 3,101 Interest expense 4,247 4,730 Income before income taxes 23,967 22,733 Income tax expense (benefit) 5,619 2,945 Net income $18,348 $19,788 Verizon's 2020 common-sized balance sheet would show each balance sheet number divided by $128,292. Verizon's 2019 common-sized income statement would show each income statement number divided by $77,142. Verizon's 2020 common-sized income statement would show each income statement number divided by $18,348. Verizon's 2019 common-sized balance sheet would show each balance sheet number divided by $291,727