Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2019 and 2018 annual reports (dollars in millions):

INSTRUCTIONS:
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 on equity.

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2019 2018 2017 Current liabilities: Short-term borrowings $ 201 $ 200 $ 206 Trade accounts payable 3,252 2,975 2,402 Employee compensation 1,237 1,182 1,187 Other 4,035 3,780 3,811 Dividend payable 635 563 489 Income tax payable 226 305 309 Current portion of long-term debt 1,277 7 508 Total current liabilities $10,863 $9,012 $8,912