New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2018 revenues totaled $2.770 milion. At December 31, 2018, and 2017, the company had, respectively, 5654 million and $588 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 New Planet Structures, Inc.'s liabilities and state how the ability 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, A catch-all group of liabilities that do not fit one or more specific categories. This is usually listed among the long-term liabilities. Amounts owed to suppliers for products or services that have been purchased on account Amounts owed to employees for salaries and other payroll related expenses. Amounts owed for providing benefits to retirees such as health care costs The next year's payments on the company's long-term debt. Expenses that the company has incurred but not yet paid, these are liabilities for expenses such as interest and income taxes Requirement 2. What were the company's total assets at December 31, 2018? The total assets at December 31, 2018 were million New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2018 revenues totaled $2.770 million. At December 31, 2018, and 2017, the company had, respectively, $654 million and $588 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 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 $210 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. Determine the formula for the accounts payable turnover. Then complete the formula and calculate the accounts payable turnover ratios at the end of 2017 and 2018. (Enter amounts in millions.) - Accounts payable turnover 2018 2017 Next, determine the formula for the days payable outstanding (DPO). Then complete the formula and calculate the days payable outstanding at the end of 2017 and 2018. (Enter the amounts in the formula to two decimal places, XXX Round your answers to the nearest whole day) - Days' payable outstanding L 2018 2017 Now, determine the formula for the current ratio. Then complete the formula and calculate the current ratios at the end of 2017 and 2018. (Enter amounts in millions. Round your answer to two decimal places.) Current ratio 2018 or any number in the input folds and then continue to the next question Now, determine the formula for the current ratio. Then complete the formula and calculate the current ratios at the end of 2017 and 2018. (Enter amounts in millions. Round your answer to two decimal places.) Current ratio 2018 2017 Evaluate whether the company improved or deteriorated from the standpoint of ability to cover accounts payable and current liabilities over the year. The company's ability to cover accounts payable and current liabilities over the year Choose from any list or enter any number in the input fields and then continue to the next question Sheets and income orted the to bon to view Data Table rements TURHUIS TOE ter amounts Idus d e en UI ZUTI 2018 2017 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 Post-retirement benefits payable ine the formu 18. (Enter the Joutstanding at the end of 403 359 1,394 78 1,312 119 2018. (Enter amounts in Other liabilities mine the formul und your answ 2,179 1.175 $ 4,021 S 3,024 Total stockholders' equity Total liabilities and stockholders' equity Year-end (in Millions) Cost of goods sold $ 1,593 $ 1.212 ties over the year whether the com Print Done pany's ability to New Panel Structures, in demirom severures. The company's 2018 revenue wed 2,770 December 31, 2018, and 2017, balance sheets and income statements reported the blowing us Click the icon to view the amounts) At December 31, 2013 and 2017 he comer c i onand o in current The R eseach Ne Plan S he's Choose the correctly from the the best for the provided The amount of long term s and bonds payable company expects pay her the coming you Acatch all groue w a t do not one or more pe categories. This is us e d among the long term e s Amounts owned for providing benestars wuch as health care cost The next year's payments on the company's longtemet Expenses that the company has med forex Requirement 2. What were the company's December 31, 2018 The total assets December 31, 2018 were milion Requirement. Assume that beginning and ending inventories for both periods outstanding (DPO) for 2017 and 2018 Calculate current ratios for 2017 and 2018 Demine the form for the accounts Pay u move the complete the form of differ by a material amount Accounts payable the end of 2016 was 1210 Cateu r s payable mover as a red days payable well E ate whether the company improved det ted from the sandstofs ability to cover accounts payable and current s over the year, and calculate the counts payable move to the end of 2017 and 2016 marts in Choose from any at or enter any number in the routes and then connue to the next New Planet Structures, Inc. builds environmentally sensitive structures. The company's 2018 December 31, 2018 and 2017, balance sheets and income statements reported the following Click the loon to view the amounts) to 2.770 our Alecember 31, 2018 und 2017, the company had million and on the Read the The s e December 31, 2018 were Requirement 3. Assume that beginning and ending investories for both periods did not differ by a malament Account the and of 2016 was 1210 million Ca r paym e nt and day Outstanding (DPO) for 2017 and 2018. Calculate current rution for 2017 and 2018 well Evaluate whether the company improved or deteriorated from head of t is ever counts and current Determine the formula for the accounts payable mover. The complete the form and the c a ble tumor the end of 2017 and 2018 er mors ons) - Accounts payable mover 2018 2017 Next, determine the formula for the days payable outstanding (OPO) Then complete the form your answers to the nearest whole day) and late the days payable standing Days payable outstanding 2018 2017 Now, determine the formula for the current ratio Then complete them and the current is at the end of 2017 and 2016 Torres 2018 2017 Evaluate whether the company improved or deteriorated from the standpoint of bity to cover accounts payable The company's ability to cover accounts payable and current l e s over the year Choose from any list or enter any number in the routes and then continue to the next question Save for Later Data Table 2018 2017 160 S 194 150 175 14 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 Post-retirement benefits payable Other liabilities Total stockholders' equity Total liabilities and stockholders' equity Year-end (in millions) Cost of goods sold 359 1,394 78 11 2,179 4,021 $ 403 1,312 119 15 1,175 3,024 1,593 $ 1,212 Print Done