Mills Geothermal Ltd. installs environmental heating/cooling systems. The company's 2020 revenues totalled \(\$ 360\) million, and at December 31,2020 , the company had \(\$ 65\) million in current assets. The December 31, 2020, balance sheet reported the liabilities and shareholders' equity as follows:

{Requirements}
1. Describe each of Mills Geothermal Ltd.'s liabilities, and state how the liability arose.
2. What were the company's total assets at December 31, 2020? Was the company's debt ratio at the end of 2020 high, low, or in a middle range?

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At Year-End (in millions) Liabilities and shareholders' equity Current liabilities Accounts payable... Accrued expenses.. Employee compensation and benefits. Current portion of long-term debet, Kot Total current liabilities... Long-term debt. Post-retirement benefits payable Other liabilities Shareholders equity Total liabilities and shareholders' equity 2020 2019 $ 29 $ 26 16 20 11 50 115 115 31 27 21 17 73 70) $209 $280