New Planet Structures, Inc., builds environmentally sensitive structures. The companys 2010 revenues totaled $2,815 million, and at December 31, 2010, the company had $654 million

New Planet Structures, Inc., builds environmentally sensitive structures. The company’s 2010 revenues totaled $2,815 million, and at December 31, 2010, the company had $654 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 New Planet Structures, 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?

At Year-end(ln millions) 2010 2009 Liabilities and Stockholders' Equity S 145 183 182 Accounts payable Accrued expenses Employee compensation and benefits... Current portion of long-term debt. 161 31 Total Current Liabilities Long Term Debt Post-Retirement Benefits Payable Other Liabilities. Stockholders' Equity Total Liabilities and Stockholders' Equity 340 1,488 129 389 1,317 135 .... 2,030 $3,998 1,776 $3,624