Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2012 annual report (dollars in millions):

REQUIRED:
a. Briefly describe the transaction or event underlying each of the liabilities listed above.
b. What kinds of assets are expected to be used to meet these obligations?
c. Does Abbott plan in the foreseeable future to refinance any of these liabilities by issuing long-term debt? Explain.
d. Explain how proper management of these current liabilities can help Abbott improve its return onequity.

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2012 2011 2010 Current Liabilities: Shor-term borrowings Trade accounts payable Employee compensation Other accrued liabilities Dividend payable Income tax payable Current portion of long-term debt $2,082 1,797 1,428 6,788 221 655 309 $13,280 $2,348 1,721 1,260 7,855 754 515 1,027 $15,480 $ 4,350 1,536 1,329 6,015 681 1,308 2,045 $17,262 Toral curent liabilities