Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2009 annual report (dollars in millions).

REQUIRED:a. Briefly describe the transaction or event underlying each of the liabilities listed above.b. What kinds of assets are expected to be used to meet these obligations?c. Does Abbott plan in the foreseeable future to refinance any of these liabilities by issuing long-term debt? Explain.d. Explain how proper management of these current liabilities can help Abbott improves its return on equity.

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2008 2009 2007 Current liabilities: Short-term borrowings Trade accounts payable Employee compensation Other accrued liabilities Dividend payable Income tax payable Current portion of long-term debt Total current liabilities S 1,691 S1,827 1,219 860 3,713 505 80 899 $ 4,978 1,281 1,117 4,399 621 442 1,352 1,011 5,133 559 805 1,041 SI1,592 211 S13,049 S9,103