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2018 2017 $ 180 At year-end (In millions) Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Accrued employee compensation and benefits Current portion of long-term debt Total current liabilities Long-term debt 98 $ 253 184 20 9 22 17 380 403 1,379 1,322 1. Describe each of Friendly Planet, Inc.'s liabilities and state how the liability arose. 2. What were the company's total assets at December 31, 2018? 3. Assume that beginning and ending inventories for both periods did not differ by a material amount. Accounts payable at the end of 2016 was $186 million. Calculate accounts payable turnover as a ratio and days' payable outstanding (DPO) for 2017 and 2018. Calculate current ratios for 2017 and 2018 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. Friendly Planet, Inc., builds environmentally sensitive structures. The company's 2018 revenues totaled $2,805 million. At December 31, 2018, and 2017, the company had, respectively, $661 million and $595 million in current assets. The December 31, 2018, and 2017, balance sheets and income statements reported the following amounts: (Click the icon to view the amounts.) Read the requirements. Requirement 1. Describe each of Friendly Planet, Inc.'s liabilities and state how the liability arose. Choose the correct liability from the list that best fits the description provided. The amount of long-term notes and bonds payable that the company expects to pay after the coming year. uctures. The company 017, balance sheets a Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities Post-retirement benefits liabilities and state ho description provided. The amount of long-term note 2018 2017 $ 180 At year-end (In millions) Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Accrued employee compensation and benefits Current portion of long-term debt Total current liabilities Long-term debt 98 $ 253 184 20 9 22 17 380 403 1,379 1,322 1. Describe each of Friendly Planet, Inc.'s liabilities and state how the liability arose. 2. What were the company's total assets at December 31, 2018? 3. Assume that beginning and ending inventories for both periods did not differ by a material amount. Accounts payable at the end of 2016 was $186 million. Calculate accounts payable turnover as a ratio and days' payable outstanding (DPO) for 2017 and 2018. Calculate current ratios for 2017 and 2018 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. Friendly Planet, Inc., builds environmentally sensitive structures. The company's 2018 revenues totaled $2,805 million. At December 31, 2018, and 2017, the company had, respectively, $661 million and $595 million in current assets. The December 31, 2018, and 2017, balance sheets and income statements reported the following amounts: (Click the icon to view the amounts.) Read the requirements. Requirement 1. Describe each of Friendly Planet, Inc.'s liabilities and state how the liability arose. Choose the correct liability from the list that best fits the description provided. The amount of long-term notes and bonds payable that the company expects to pay after the coming year. uctures. The company 017, balance sheets a Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities Post-retirement benefits liabilities and state ho description provided. The amount of long-term
