i Data Table 2018 2017 $ $ 178 $ 190 112 172 35 23 At year-end (In millions) Liabilities and stockholders' equity Current liabilities Accounts payable Accrued expenses Employee compensation and benefits Current portion of long-term debt Total current liabilities Long-term bonds payable Deferred income taxes payable Leases payable Common stockholders' equity 15 18 340 403 1,379 1,317 141 130 21 18 2,016 1,23 $ 3,894 $ 3,144 Total liabilities and stockholders' equity Year-end (in millions) Cost of goods sold $ 2,208 $ 1,840 Print Done Mountainside Manors, Inc builds environmentally sensitive structures. The company's 2018 revenues totaled $2,800 million At December 31 2018, and 2017, the company had respectively, $657 million and $607 million in current assets. The company's balance sheets and income statements reported the following amounts (Click the icon to view the amounts) Read the fequirements Requirement 1. Describe each of Mountainside's long-term liabilities and state how the liability arose. Choose the correct liability from the list that best fits the description provided The amount that the company expects to pay atter the coming year, the result from the company borrowing money The result of timing differences between GAAP and tax accounting methods (such as depreciation) Income tax expense might differ between GAAP book Income ("Income Tax Expense") and taxable income according to Internal Revenue regulations (income Tax Payable") The result from a company entering into long term leases, such as for leasing property and equipment. The account includes both operating and finance leases that last longer than 12 months and reflects the obligation for future lease payments Requirement 2. What were the company's total assets at December 31, 2018? Evaluate the company's leverage and debt ratios at the end of 2017 and 2018. Use year-end figures in place of averages where needed for calculating the ratios in this exercise Did the company improve, deteriorate, or remain about the same over the year? What were the company's total assets at December 31, 2018? The total assets at December 31, 2018 were s million Evaluate the company's leverage and debt ratio at the end of 2017 and 2018 Did the company improve, deteriorate, or remain about the same over the year? Begin by computing the ratios. Determine the formula for the debt ratio. Then complete the formula and calculate the debt ratios at the end of 2017 and 2018. (Enter amounts in millions Round your answers to two decimal places) Debt ratio 2018 2017 Now determine the formula for the leverage ratio Then complete the formula and calculate the leverage ratios at the end of 2017 and 2018 (Enter amounts in millions Round your answers to two decimal places) Leverage ratio 2018 2017 Did the company improve deteriorate, or remain about the same over the year? Both the leverage ratio and debt ratio in 2018 The company over the year