New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2018 revenues totaled $2,810 million. At December 31, 2018, and 2017, the company had, respectively, $646 million and $591 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 requirements Requirement 1. Describe each of New Planet's long-term liabilities and state how the liability arose. Choose the correct liability from the list that best fits the description provided Long-term bonds payable The amount that the company expects to pay after 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 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 $ 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 mpany had, respectively. $646 million and $591 million in current assets. The New Planet Structures, Inc., builds environmentally sensitive str company's balance sheets and income statements reported the (Click the icon to view the amounts.) - X Data Table Read the requirements 2018 2017 Requirement 1. Describe each of New Planet's long-term liabili Choose the correct liability from the list that best fits the descript $ 126 $ 174 Long-term bonds payable The amount that the co 161 166 40 differ between GAAP book income ("Income Tax Expense") and taxable The result of timing diffel income according to Internal Revenue regulations ("Income Tax 31 24 8 335 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 ' Total liabilities and stockholders' equity Year-end (in millions) Cost of goods sold 395 oth operating and finance leases that last longer than 12 months, and reflects 1,394 The result from a comp the obligation for future lease payments. Requirement 2. What were the company's total assets at Dece! this exercise. Did the company improve, deteriorate, or remain What were the company's total assets at December 31, 2018? 1,322 113 163 -end figures in place of averages where needed for calculating the ratios in 9 35 2.027 1,273 S The total assets at December 31, 2018 were $ milli 3,904 $ 3,162 Evaluate the company's leverage and debt ratio at the end of 20 Begin by computing the ratios. Determine the formula for the de S 2.550 $ 2,250 ounts in millions. Round your answers to two decimal places.) 2018 Print Done 2017 Choose from any list or enter any number in the input fields 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 $ 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 In 11 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. 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 $ 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 leve a and calculate the leverage ratios at the end of 2017 and 2018. (Enter amounts in millions. Round your answers to two decimal places.) deteriorated II Leverage ratio 2018 improved 2017 = remained about the same Did the company improve, deteriorate, par? Both the leverage ratio and debt ratio in 2018. The company over the year