(Learning Objectives 1, 5: Analyzing liabilities) New Planet Structures, Inc., builds environmentally sensitive structures. The company’s 20X1 revenues totaled €2,815 million, and at December 31, 20X1, the company had €654 million in current assets. The December 31, 20X1 and 20X0, balance sheets reported the liabilities and shareholders’ equity as follows.

■ writing assignment

❙ Requirements 1. Describe each of New Planet Structures, Inc.’s liabilities and state how the liability arose.

2. What were the company’s total assets at December 31, 20X1? Was the company’s debt ratio at the end of 20X1 high, low, or in a middle range?