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New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2021 revenues totaled $2,785 million. At December 31, 2021, and 2020, the company had, respectively, $646 million and $576 million in current assets. The December 31, 2021, and 2020, 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 liability arose. Choose the correct liability from the list that best fits the description provided. Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities The amount of long-term notes and bonds payable that the company expects to pay after the coming year. Post-retirement benefits Requirements 1. Describe each of New Planet Structures, Inc.'s liabilities and state how the liability arose. Print Done Data table 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 Print Done $ $ $ 2021 118 $ 156 49 20 343 1,428 113 13 2,016 3,913 $ 1,480 $ 2020 178 173 35 14 400 1,323 163 18 1,779 3.683 1,086

New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2021 revenues totaled $2,785 million. At December 31, 2021, and 2020, the company had, respectively, $646 million and $576 million in current assets. The December 31, 2021, and 2020, 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 liability arose. Choose the correct liability from the list that best fits the description provided. Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities The amount of long-term notes and bonds payable that the company expects to pay after the coming year. Post-retirement benefits Requirements 1. Describe each of New Planet Structures, Inc.'s liabilities and state how the liability arose. Print Done Data table 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 Print Done $ $ $ 2021 118 $ 156 49 20 343 1,428 113 13 2,016 3,913 $ 1,480 $ 2020 178 173 35 14 400 1,323 163 18 1,779 3.683 1,086

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2021 revenues totaled $2,785 million. At December 31, 2021, and 2020, the company had, respectively, $646 million and $576 million in current assets. The December 31, 2021, and 2020, 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 liability arose. Choose the correct liability from the list that best fits the description provided. es Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities Post-retirement benefits The amount of long-term notes and bonds payable that the company expects to pay after the coming year. Get more help. Requirements 1. Describe each of New Planet Structures, Inc.'s liabilities and state how the liability arose. Print Done Data table 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 Print Done $ $ $ Clear all) 2021 118 $ 156 49 20 343 1.428 113 13 2,016 3,913 $ 1,480 $ 2020 178 173 35 14 400 1,323 163 18 1,779 3,683 1,086 Check answer
Transcribed Image Text:New Planet Structures, Inc., builds environmentally sensitive structures. The company's 2021 revenues totaled $2,785 million. At December 31, 2021, and 2020, the company had, respectively, $646 million and $576 million in current assets. The December 31, 2021, and 2020, 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 liability arose. Choose the correct liability from the list that best fits the description provided. es Accounts payable Accrued employee compensation and benefits Accrued expenses Current portion of long-term debt Long-term debt Other liabilities Post-retirement benefits The amount of long-term notes and bonds payable that the company expects to pay after the coming year. Get more help. Requirements 1. Describe each of New Planet Structures, Inc.'s liabilities and state how the liability arose. Print Done Data table 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 Print Done $ $ $ Clear all) 2021 118 $ 156 49 20 343 1.428 113 13 2,016 3,913 $ 1,480 $ 2020 178 173 35 14 400 1,323 163 18 1,779 3,683 1,086 Check answer
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