AT&T INC. 10-K form for the fiscal year ended 2023-12-31, page 45: |    |                                              |
|---:|:---------------------------------------------|
|  1 | AT&T Inc.                                    |
|  2 | Dollars in millions except per share amounts |

|    |                                                                                                                                                                   |              |         |      |          |    |         |
|---:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
|  1 | Consolidated Balance Sheets                                                                                                                                       |              |         |      |          |    |         |
|  2 |                                                                                                                                                                   | December 31, |         |      |          |    |         |
|  3 |                                                                                                                                                                   | 2023         |         | 2022 |          |    |         |
|  4 | Assets                                                                                                                                                            |              |         |      |          |    |         |
|  5 | Current Assets                                                                                                                                                    |              |         |      |          |    |         |
|  6 | Cash and cash equivalents                                                                                                                                         | $            | 6,722   |      |          | $  | 3,701   |
|  7 | Accounts receivable – net of related allowance for credit loss of $499 and $588                                                                                   | 10,289       |         |      | 11,466   |    |         |
|  8 | Inventories                                                                                                                                                       | 2,177        |         |      | 3,123    |    |         |
|  9 | Prepaid and other current assets                                                                                                                                  | 17,270       |         |      | 14,818   |    |         |
| 10 | Total current assets                                                                                                                                              | 36,458       |         |      | 33,108   |    |         |
| 11 | Property, Plant and Equipment – Net                                                                                                                               | 128,489      |         |      | 127,445  |    |         |
| 12 | Goodwill – Net                                                                                                                                                    | 67,854       |         |      | 67,895   |    |         |
| 13 | Licenses – Net                                                                                                                                                    | 127,219      |         |      | 124,092  |    |         |
| 14 | Other Intangible Assets – Net                                                                                                                                     | 5,283        |         |      | 5,354    |    |         |
| 15 | Investments in and Advances to Equity Affiliates                                                                                                                  | 1,251        |         |      | 3,533    |    |         |
| 16 | Operating Lease Right-Of-Use Assets                                                                                                                               | 20,905       |         |      | 21,814   |    |         |
| 17 | Other Assets                                                                                                                                                      | 19,601       |         |      | 19,612   |    |         |
| 18 | Total Assets                                                                                                                                                      | $            | 407,060 |      |          | $  | 402,853 |
| 19 | Liabilities and Stockholders' Equity                                                                                                                              |              |         |      |          |    |         |
| 20 | Current Liabilities                                                                                                                                               |              |         |      |          |    |         |
| 21 | Debt maturing within one year                                                                                                                                     | $            | 9,477   |      |          | $  | 7,467   |
| 22 | Note payable to DIRECTV                                                                                                                                           | -            |         |      | 130      |    |         |
| 23 | Accounts payable and accrued liabilities                                                                                                                          | 35,852       |         |      | 42,644   |    |         |
| 24 | Advanced billings and customer deposits                                                                                                                           | 3,778        |         |      | 3,918    |    |         |
| 25 | Dividends payable                                                                                                                                                 | 2,020        |         |      | 2,014    |    |         |
| 26 | Total current liabilities                                                                                                                                         | 51,127       |         |      | 56,173   |    |         |
| 27 | Long-Term Debt                                                                                                                                                    | 127,854      |         |      | 128,423  |    |         |
| 28 | Deferred Credits and Other Noncurrent Liabilities                                                                                                                 |              |         |      |          |    |         |
| 29 | Deferred income taxes                                                                                                                                             | 58,666       |         |      | 57,032   |    |         |
| 30 | Postemployment benefit obligation                                                                                                                                 | 8,734        |         |      | 7,260    |    |         |
| 31 | Operating lease liabilities                                                                                                                                       | 17,568       |         |      | 18,659   |    |         |
| 32 | Other noncurrent liabilities                                                                                                                                      | 23,696       |         |      | 28,849   |    |         |
| 33 | Total deferred credits and other noncurrent liabilities                                                                                                           | 108,664      |         |      | 111,800  |    |         |
| 34 | Redeemable Noncontrolling Interest                                                                                                                                | 1,973        |         |      | -        |    |         |
| 35 | Stockholders' Equity                                                                                                                                              |              |         |      |          |    |         |
| 36 | Preferred stock ($1 par value, 10,000,000 authorized at December 31, 2023 and December 31, 2022):                                                                 |              |         |      |          |    |         |
| 37 | Series A (48,000 issued and outstanding at December 31, 2023 and December 31, 2022)                                                                               | -            |         |      | -        |    |         |
| 38 | Series B (20,000 issued and outstanding at December 31, 2023 and December 31, 2022)                                                                               | -            |         |      | -        |    |         |
| 39 | Series C (70,000 issued and outstanding at December 31, 2023 and December 31, 2022)                                                                               | -            |         |      | -        |    |         |
| 40 | Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2023 andDecember 31, 2022: issued 7,620,748,598 at December 31, 2023 and December 31, 2022) | 7,621        |         |      | 7,621    |    |         |
| 41 | Additional paid-in capital                                                                                                                                        | 114,519      |         |      | 123,610  |    |         |
| 42 | Retained (deficit) earnings                                                                                                                                       | (5,015)      |         |      | (19,415) |    |         |
| 43 | Treasury stock (470,685,237 at December 31, 2023 and 493,156,816 at December 31, 2022, at cost)                                                                   | (16,128)     |         |      | (17,082) |    |         |
| 44 | Accumulated other comprehensive income                                                                                                                            | 2,300        |         |      | 2,766    |    |         |
| 45 | Noncontrolling interest                                                                                                                                           | 14,145       |         |      | 8,957    |    |         |
| 46 | Total stockholders' equity                                                                                                                                        | 117,442      |         |      | 106,457  |    |         |
| 47 | Total Liabilities and Stockholders' Equity                                                                                                                        | $            | 407,060 |      |          | $  | 402,853 |

The accompanying notes are an integral part of the consolidated financial statements.
45




, Frontier Communications Parent, Inc. 10-K form for the fiscal year ended 2023-12-31, page 6: 
FRONTIER COMMUNICATIONS PARENT, INC., AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


AS OF DECEMBER 31, 2023 AND 2022

($ in millions and shares in thousands, except for per-share amounts)







|    |                                                                       |      |        |      |    |        |
|---:|:----------------------------------------------------------------------|:-----|:-------|:-----|:---|:-------|
|  1 |                                                                       | 2023 |        | 2022 |    |        |
|  2 | ASSETS                                                                |      |        |      |    |        |
|  3 | Current assets:                                                       |      |        |      |    |        |
|  4 | Cash and cash equivalents                                             | $    | 1,125  |      | $  | 322    |
|  5 | Short-term investments                                                |      | 1,075  |      |    | 1,750  |
|  6 | Accounts receivable, less allowances of $53 and $47, respectively     |      | 446    |      |    | 438    |
|  7 | Prepaid expenses                                                      |      | 67     |      |    | 57     |
|  8 | Income taxes and other current assets                                 |      | 68     |      |    | 30     |
|  9 | Total current assets                                                  |      | 2,781  |      |    | 2,597  |
| 11 | Property, plant and equipment, net                                    |      | 13,933 |      |    | 11,850 |
| 12 | Intangibles, net                                                      |      | 3,585  |      |    | 3,906  |
| 13 | Other assets                                                          |      | 394    |      |    | 271    |
| 14 | Total assets                                                          | $    | 20,693 |      | $  | 18,624 |
| 16 | LIABILITIES AND EQUITY                                                |      |        |      |    |        |
| 17 | Current liabilities:                                                  |      |        |      |    |        |
| 18 | Long-term debt due within one year                                    | $    | 15     |      | $  | 15     |
| 19 | Accounts payable and accrued liabilities                              |      | 1,103  |      |    | 1,410  |
| 20 | Advanced billings                                                     |      | 182    |      |    | 194    |
| 21 | Accrued other taxes                                                   |      | 118    |      |    | 137    |
| 22 | Accrued interest                                                      |      | 126    |      |    | 104    |
| 23 | Pension and other postretirement benefits                             |      |        |      |    |        |
| 24 | Other current liabilities                                             |      | 693    |      |    | 396    |
| 25 | Total current liabilities                                             |      | 2,275  |      |    | 2,295  |
| 27 | Deferred income taxes                                                 |      | 643    |      |    | 558    |
| 28 | Pension and other postretirement benefits                             |      | 697    |      |    | 1,044  |
| 29 | Other liabilities                                                     |      | 553    |      |    | 483    |
| 30 | Long-term debt                                                        |      | 11,246 |      |    | 9,110  |
| 31 | Total liabilities                                                     |      | 15,414 |      |    | 13,490 |
| 33 | Equity:                                                               |      |        |      |    |        |
| 34 | Common stock, $0.01 par value per share (1,750,000 authorized shares, |      |        |      |    |        |
| 35 | 245,813 and 245,021 issued and outstanding at December 31, 2023       |      |        |      |    |        |
| 36 | and 2022, respectively)                                               |      | 2      |      |    | 2      |
| 37 | Additional paid-in capital                                            |      | 4,297  |      |    | 4,198  |
| 38 | Retained earnings                                                     |      | 884    |      |    | 855    |
| 39 | Accumulated other comprehensive income, net of tax                    |      | 96     |      |    | 79     |
| 40 | Total equity                                                          |      | 5,279  |      |    | 5,134  |
| 41 | Total liabilities and equity                                          | $    | 20,693 |      | $  | 18,624 |


The accompanying Notes are an integral part of these Consolidated Financial Statements.

‎

F-6






Question: Evaluate the Financial Leverage Ratio for AT&T Inc. and Frontier Communications for the year 2023.
Answer: To calculate the Financial Leverage Ratio, we use the formula: Financial Leverage Ratio = Total Assets / Shareholders' Equity.

For AT&T Inc.:
Total Assets (2023) = $407,060 million
Shareholders' Equity (2023) = $117,442 million
Financial Leverage Ratio = $407,060 / $117,442 = 3.47

For Frontier Communications:
Total Assets (2023) = $20,693 million
Shareholders' Equity (2023) = $5,279 million
Financial Leverage Ratio = $20,693 / $5,279 = 3.92

Frontier Communications has a higher Financial Leverage Ratio compared to AT&T Inc., indicating a higher degree of financial leverage.