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Financial Reporting Problem

Financial Reporting Problem. Team Name ACC/ 290 Date. Introduction-Gwendolyn Current Assets – Anthony Cash Equivalents – Derrick Current Liabilities – Adriana & Gwen Conclusion- Gwen Q & A References. Agenda. CEO Ivan Seidenberg Created in 1978 once none as Bell Alantic

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Financial Reporting Problem

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  1. Financial Reporting Problem Team Name ACC/ 290 Date

  2. Introduction-Gwendolyn Current Assets – Anthony Cash Equivalents – Derrick Current Liabilities – Adriana & Gwen Conclusion- Gwen Q & A References Agenda

  3. CEO Ivan Seidenberg Created in 1978 once none as Bell Alantic Operations began 04-04-2000 introduction

  4. The Verizon Wireless mission statement is, "As a leader in communications, Verizon's mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communication with our customers, employees and investors Mission Statement

  5. Current Assets Balance Sheet - Assets • Fund Balance with Treasury. • Cash and other monetary assets. • Investments. • Receivables. • Inventories and related properties. • Property, plant, and equipment. Current Assets

  6. Verizon Wireless 2010 Consolidated Balance Sheets • Assets • Current assets • Cash and cash equivalents $ 6,668 $ 2,009 • Short-term investments 545 490 • Accounts receivable, • net of allowances of $876 and $976 11,781 12,573 • Inventories 1,131 1,426 • Prepaid expenses and other 2,2235,247 • Total current assets 22,348 21,745 • Plant, property and equipment 211,655 229,743 Less accumulated depreciation 123,944137,758 • 87,711 91,985 • Investments in unconsolidated businesses 3,497 3,118 • Wireless licenses 72,996 72,067 • Goodwill 21,988 22,472 • Other intangible assets, net 5,830 6,764 • Other assets 5,635 8,756 • Total assets $ 220,005 $ 226,907

  7. First, on the list are its cash and cash equivalents, which is anything that can immediately turn into cash. Some examples of cash and cash equivalents are money, paper checks, money orders, gift certificates, andgift cards Cash Equivalents

  8. A company’s cash equivalents are its short-term investments The short-terminvestments are usually three months or less, Have a minimal risk of changes in value Because of changes in interest rates Cash Equivalents

  9. The total current liabilities reported at the end of Verizon’s most recent annual reporting period were $30,597,000 for 2010. This included Current Liabilities which were $7,542,000 debt maturing within one year $15,702,000 and accounts payable and accrued liabilities of $7,353,000.   Cash Equivalents

  10. Years Ended December 31, 2010 2009 2008 2010 vs. 2009 2009 vs. 2008 Mass Markets $ 16,256 $ 16,115 $ 15,831 $ 141 0.9 % $ 284 1.8 % Global Enterprise 15,669 15,667 16,601 2 – (934) (5.6) Global Wholesale 8,393 9,155 9,832 (762) (8.3) (677) (6.9) Other 909 1,514 2,059 (605) (40.0) (545) (26.5) Total Operating Revenues $ 41,227 $ 42,451 $ 44,323 $ (1,224) (2.9) $ (1,872) (4.2) Switched access lines in service ('000) 26,001 28,323 31,370 (2,322) (8.2) (3,047) (9.7) Broadband connections ('000) 8,392 8,160 7,676 232 2.8 484 6.3 FiOS Internet subscribers ('000) 4,082 3,286 2,371 796 24.2 915 38.6 FiOS TV subscribers ('000) 3,472 2,750 1,849 722 26.3 901 48.7

  11. Liabilities are debts that a business owes/ amounts owe to a creditor. • Current liabilities • Debt maturing within one year • Accounts payable • Accrued liabilities Current Liabilities

  12. Liabilities and Equity Current liabilities Debt maturing within one year $7,542 $7,205 Accounts payable and accrued liabilities 15,702 15,223 Other 7,353 6,708 Total currentliabilities30,597 29,136 Long-term debt 45,252 55,051 Employee benefit obligations 28,164 32,622 Deferred income taxes 22,818 19,190 Other liabilities 6,262 6,765 Equity Series preferred stock ($.10 par value; none issued) – – Common stock ($.10 par value; 2,967,610,119 shares issued in both periods) 297 297 Contributed capital 37,922 40,108 Reinvested earnings 4,368 7,260 Acc. other comprehensive income (loss) 1,049 (1,372) Common stock in treasury, at cost (5,267) (5,000) Deferred compensation 200 89 Noncontrollinginterest 48,343 42,761 Total equity 86,912 84,143 Total liabilities and equity $ 220,005 $226,907

  13. Total summary of the financial standing for Verizon States details of why the assets are in proper order How Verizon classifies its assets The definition of cash equivalents Conculsion

  14. Q & A

  15. Statement of Federal Financial Accounting Concepts 2: Entity and Display FASAB Handbook, Version 10 (06/2011) 2010 Annual Report, VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES References

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