Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2014 and 2013 annual reports (dollars in millions):

REQUIRED:
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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2014 2013 2012 Current Liabilities: $ 4,382 Short-term borrowings $ 2,082 $3,164 Trade accounts payable 1,064 1,026 1,797 Employee compensation 776 906 1,428 Other 3,886 3,623 6,788 Dividend payable 341 362 221 Income tax payable 270 175 655 Current portion of long-term debt 55 309 $10,532 $9,507 $13,280 Total current liabilities