Which of the following statements is TRUE about Verizon's financial statements? verizon Consolidated Balance Sheets (In millions of dollars) As of As of ASSETS Dec 31, 2020 Dec 31, 2019 Cash and cash equivalents $ 22,171 $ 2,594 Accounts receivable 23,917 25,429 Inventories 1,796 1,422 Prepaid expenses and other current assets 6,710 8,028 Total current assets 54,594 37,473 Property and equipment, net 94,833 91,915 Intangible assets 152,814 151,640 Other long-term assets 14,240 10,699 Total assets $ 316,481 $ 291,727 LIABILITIES & EQUITY Debt maturing within one year $ 5,889 $ 10,777 Accounts payable and accrued liabilities 20,658 21,806 Other current liabilities 13,113 12,285 Total current liabilities 39,660 44,868 Long-term debt 123,173 100,712 Other long-term liabilities 84,376 83,312 Total liabilities 247,209 228,892 Common stock and additional paid in capital 13,833 13,858 Retained earnings 60,464 53,147 Accumulated other comprehensive income (5,025) (4,170) Total shareholders' equity 69,272 62,835 Total liabilities and shareholders' equity $ 316,481 $ 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 Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is (7.85)%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is (1,440)%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is (1.09)%. Horizontal analysis shows that Verizon's net income growth from 2019 to 2020 is (7.28)%