Examine the partial balance sheet of Altria Group shown below and answer the following questions. 1. Current

Question:

Examine the partial of Altria Group shown below and answer the following questions.
1. Current assets for Altria Group (parent company of Philip Morris) totaled $5,773 (in millions) at the end of 2009. Compute the company's current ratio.
2. Why would Altria classify its liabilities into two different categories?
3. Compute Altria's debt-to-equity ratio for 2009 using
(a) Only long-term debt and
(b) All liabilities in your computations. Why the huge difference in your answers?
Celtics Basketball Holdings, LP Liabilities and Partners' Capital (Deficit)
__________________________________________________June 30, 2001......June 30, 2000
CURRENT LIABILITIES
Accounts payable and accrued expenses. . . . . . . . . . . . . . . . . $ 23,506,664..........$ 24,478,303
Deferred game revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,498,726..........9,204,607
Deferred compensation-current portion . . . . . . . . . . . . . . . . . . . . . 1,226,316..........1,278,410
TOTAL CURRENT LIABILITIES . . . . . . . . . . . . . . . . .. . . . $ 31,231,706.........$ 34,961,320
NOTES PAYABLE TO BANK . . . . . . . . . . . . . . . . . . . . . . . . . . .50,000,000.........50,000,000
DEFERRED COMPENSATION-noncurrent portion. . . . . . . . . . 5,182,821..........6,369,646
OTHER NON-CURRENT LIABILITIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........708,000
PARTNERS' CAPITAL (DEFICIT)
Celtics Basketball Holdings, L.P.:
General Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,015................1,008
Celtics Pride GP-Limited Partner . . . . . . . . . . . . . . . . . . . . . . . . (29,111,174) ......(29,437,209)
Castle Creek Partners, L.P.-Limited Partner. . . . . . . . . . . . . . . . .(31,144,430) ......(31,493,235)
(60,254,589).....(60,929,436)
Celtics Basketball, L.P.-General Partner . . . . . . . . . . . . . . . . . . . . . . . 1,081.................1,074
TOTAL PARTNERS' CAPITAL (DEFICIT) . . . . . . . . . . . . . . $(60,253,508) .....$(60,928,362)
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...