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New Planet Structures, Inc., builds environmentally sencilive structures. The company's 2020 reveries totaled $2,900 milion. Al December 31, 2020 and 2010, the comparty had $350 million and $585 milion in current assets, respectively. Accounts payable at the end of 2018 was 3190 milioni. The December 31, 2020 and 2019, balance sheets and income statements reported the following amounts: (Click the icon to view the financial statements.) Requirements Requirement 1. Describe each liability of New Planet Structures, Inc., and state how the lability arase. Choose the correct liability from the list that best ite the description provided. Amounts owed to suppliers for products or services that have been purchased on account Expenses that the company has incurred but not yet paid; these are liabilities for expenses such as interest and income taxes. Amounts owed to employees salaries and other payroll-related expensee. Next year's principal payment on the company's long-term debt. The amount of long-term notes and bonds payable due more than one year after the balance sheet date The company's lablities for providing benefite mainly health care to retirees. A catch-al group of liabilities that do not fit one of the more specific calegories. These are long-term, as shown by the fact that they are not listed among the current liabilities. Requirement 2. Evaluate whether the company's ability to pay its long-term debts improved, deteriorated remained about the same aver the year. What were the company's total assets at December 31, 2020? The total assets at December 31, 2020, were million Evaluate the company's leverage and debt ratio at the end of 2019 and 2020. Did the company improve, deteriorate, or remain about the same over the year? Begin by computing the debt ratios. (Round your answers to two decimal places, xxx.) The debt ratio for 2020 is. The debt ratio for 2018 10 For de leverage ratio, first determine the formula. Then complele the formula and calculale the leverage ralios al the end of 2019 and 2020. (Enter amounts in millions. Round your answers to two decimal places, X.XX.) Leverage ratio 2020 2019 For the leverage ratio, first determine the formula. Then complete the formula and calculate the leverage ratios at the end of 2019 and 2020. (Enter amounts in millions. Round your answers to two decimal places, X.XX.) = Leverage ratio 2020 2019 = Did the company improve, deteriorate, or remain about the same over the year? Both the leverage ratio and debt ratio in 2020. The company's ability to pay its long-term debts over the year. Requirement 3. Evaluate whether the company's ability to pay its short-term debts improved, deteriorated, or remained about the same over the year. Determine the formula for the accounts payable turnover. Then complete the formula and calculate the accounts payable turnover ratios at the end of 2019 and 2020. (Enter amounts in millions. Round your answer to two decimal places, X.XX.) = Accounts payable turnover 2020 = 2019 Next, determine the formula for the days payable outstanding (DPO). Then complete the formula and calculate the days payable outstanding at the end of 2019 and 2020. (Enter the amounts in the formula to two decimal places, X.XX. Round your answers to the nearest whole day.) = Days payable outstanding 2020 = 2019 = Now, determine the formula for the current ratios. Then complete the formula and calculate the current ratios at the end of 2019 and 2020. (Round your answers to two decimal places, X.XX.) Current ratio 2020 = 2019 Evaluate whether the company improved or deteriorated from the standpoint of ability to cover accounts payable and current liabilities. The company's ability to pay its short-term debts over the year Financial statements At Year-End (in millions) 2020 2019 Liabilities and shareholders' equity Current liabilities Accounts payable $ 119 $ 186 Accrued expenses. 97 175 Employee compensation and benefits 40 18 9 26 Current portion of long-term debt Total current liabilities 265 405 Long-term debt 1,391 1,312 Post-retirement benefits payable 103 152 Other liabilities 4 1,951 29 1,496 Shareholders' equity. $ 3,714 $ 3,394 Total liabilities and shareholders' equity Year-end (in millions) Cost of goods sold $ 1,659 $ 1,797 Print Done Requirement 1. Describe each liability of New Planet Structures, Inc., and state how the liabil Choose the correct liability from the list that best fits the description provided. Amounts owed to suppliers for products or services th ; that the company has incurred but not yet Accounts payable owed to employees for salaries and other pa Accrued expenses 's principal payment on the company's long- Current portion of long-term debt int of long-term notes and bonds payable du Employee compensation and benefits pany's liabilities for providing benefits-main Long-term debt Il group of liabilities that do not fit one of the 1 Other liabilities ; ability to pay its long-term debts improved, er 31, 2020? Post-retirement benefits million. Evaluate the comany's leverage and debt ratio at the end of 2019 and 2020 Did the company For the leverage ratio, first determine the formula. Then complete the formula and calculate the leverage ratios at the end of 2019 and 2020. (Ente / = Leverage ratio 2020 = 2019 Long-term liabilities Did the main about the same over the year? Both the Shareholders' equity in 2020. The company's ability to pay its long-term debts Require Total assets pany's ability to pay its short-term debts improved, deteriorated, or remained about the same over the Determi able turnover. Then complete the formula and calculate the accounts payable turnover ratios at the end Total current assets = Accounts payable turnover Total current liabilities 2020 / 2019 Total liabilities Requirement 3. Evaluate whether the company's ability to pay its short-term debts improved, deteriorated, or remained about the same over the year. Determine the formula for the accounts payable turnover. Then complete the formula and calculate the accounts payable turnover ratios at the end of 2019 and 2020. (Enter amounts in millions. Round your answer to two decimal pla Accounts payable turnover 2020 = 2019 = 365 Next, det outstanding (DPO). Then complete the formula and calculate the days payable outstanding at the end of 2019 and 2020. (Enter the amounts in the formula to two decimal places, X.X Average accounts payable = Days payable outstanding 2020 Cost of goods sold 2019 = Current liabilities Now, dete Then complete the formula and calculate the current ratios at the end of 2019 and 2020. (Round your answers to two decimal places, X.XX.) Days payable outstanding = Current ratio 2020 Long-term liabilities 2019 Shareholders' equity Evaluate prated from the standpoint of ability to cover accounts payable and current liabilities. The com Total assets ver the year Now, determine the formula for the current ratios. Then complet he current ratios at the end of 2019 and 2020. (Round your answers to t deteriorated. Current ratio 2020 improved. 2019 stayed the same. Evaluate whether the company improved or deteriorated from th er accounts payable and current liabilities. The company's ability to pay its short-term debts over the year
