Mountainside Manors, Inc., builds environmentally sensitive structures. The company€™s 2010 revenues totaled $2,760 million, and at December 31, 2010, the company had $650 million in current assets. The December 31, 2010 and 2009, balance sheets reported the liabilities and stockholders equity as follows:

Requirements
1. Describe each of Mountainside Manors, Inc.€™s liabilities and state how the liability arose.
2. What were the company€™s total assets at December 31, 2010? Was the company€™s debt ratio at the end of 2010 high, low, or in a middlerange?

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At year-end (In millions) 2010 2009 Liabilities and Stockholders' Equity Current Liabilities $ 138 155 38 Accounts payable S 179 172 20 24 395 1,323 123 Accrued expenses Employee compensation and benefits Current portion of long-term debt. 340 1,494 122 12 2,027 $3,995 Total Current Liabilities Long Term Debt Post-Retirement Benefits Payable. Other Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity... 1,784 $3,633