View the financial statements.

Read the requirements.

Requirement $1.$ Describe each liability of Geodesic Domes, Inc., and state how the liability arose.

Choose the correct liability from the list that best fits 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 for salaries and other payroll$-$related expenses.

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 liabilities for providing benefits$-$mainly healthcare$-$to retirees.

A catch$-$all group of liabilities that do not fit one of the more specific categories. These are long$-$term debts as shown by the fact that they are not listed among the current liabilities.

What were the company's total assets as of December $31,20$X$3?$

Evaluate the company's leverage and debt ratio at the end of $202$ and $20$X$3.$ 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.$)$

What was the debt ratio for $203?$

What was the debt ratio for $20$X$2?$

Did the company improve, deteriorate, or remain about the same over the year?

Both the leverage ratio and debt ratio

in $20$X$3.$ 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.

Now, determine the formula for the current ratio. Then, complete the formula and calculate the current ratios at the end of $202$ and $20$X$3.($Round your answers to two decimal places.$)$

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