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WorldCom, Inc. improperly capitalized $3.8 billion dollars of expense from January 1, 2001 through the first quarter of 2002 ($3.04 billion occurred in 2001). Selected balances from its balance sheets are given in the text.
a. What effect did WorldCom's misclassification have on cash flows (a) in total and (b) by classification?
b. Why is it difficult to accept the effects on cash flow from operations of the working capital items listed above?
c. WorldCom's long-term debt went up by approximately $13 billion during 2001. Is it possible that some of WorldCom's current liabilities were reclassified as long-term during 2001?
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