Question

As described in a recent annual report, Verizon Communications provides wireless voice and data services across one of the most extensive wireless networks in the United States. Verizon now serves more than 100 million customers, making it the largest wireless service provider in the United States in terms of the total number of customers. The following are accounts from a recent balance sheet for Verizon:

a. Accounts Receivable
b. Retained Earnings
c. Taxes Payable
d. Prepaid Expense
e. Common Stock
f. Long- Term Investments
g. Rant, and Equipment
h. Accounts payable
i. Short-Term Investments
j. Long-Term Debit

Required:
For each account, indicate whether the account is usually classified as a current asset (CA), noncurrent asset (NCA), current liability (CL), noncurrent liability (NCL), or stockholders' equity (SE), and whether the account usually has a debit or credit balance.

Answer 1

Answer:

                                            Balance Sheet     Debit or Credit  

                                              Classification          Balance

a. Accounts Receivable       Current asset                Debit

b. Retained Earnings           Stockholders' equity     Credit

c. Taxes Payable                  Current liability             Credit

d. Prepaid Expense              Current asset                Debit

e. Common Stock                 Stockholders' equity    Credit

f. Long- Term Investments   Non-current asset        Debit

g. Rant, and Equipment        Non-current asset        Debit

h. Accounts payable             Current liability             Credit

i. Short-Term Investments    Current asset                Debit

j. Long-Term Debit               Non-current liability      Credit

Answer 2

• The classification is as follows:

                                           Balance Sheet     Debit or Credit  

                                             Classification          Balance

a. Accounts Receivable       Current asset                Debit

b. Retained Earnings           Stockholders' equity     Credit

c. Taxes Payable                  Current liability             Credit

d. Prepaid Expense              Current asset                Debit

e. Common Stock                 Stockholders' equity    Credit

f. Long- Term Investments   Non-current asset        Debit

g. Rant, and Equipment        Non-current asset        Debit

h. Accounts payable             Current liability             Credit

i. Short-Term Investments    Current asset                Debit

j. Long-Term Debit               Non-current liability      Credit

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