December $312021,$ and $2020,$ balance sheets and income statements reported the following amounts:

Requirements

Describe each of New Planet Structures, Inc.$\text{'}$s liabilities and state how the

liability arose.

What were the company's total assets at December $31,2021?$

Assume that beginning and ending inventories for both periods did not differ

by a material amount. Accounts payable at the end of $2019$ was $$182$ million.

Calculate accounts payable turnover as a ratio and days' payable

outstanding $($DPO$)$ for $2020$ and $2021.$ Calculate current ratios for $2020$ and

$2021$ as well. Evaluate whether the company improved or deteriorated from

the standpoint of its ability to cover accounts payable and current liabilities

over the year.

Data table

At year$-$end $($In millions$)$

Liabilities and stockholders' equity

Current liabilities

Accounts payable

Year$-$end $($in millions$)$