FO.22A. (Learning Objectives 4, 5: Analyze current and long-term liabilities; evaluate debt-paying ability) EnviroFriend Structures, Inc., builds environmentally sensitive structures The company's 2018 revenues totaled S2,780 million. At December 31, 2018, and 2017, the company had, respectively, S656 million and $591 million in current assets. The company's halance sheets and income statements reported the following amounts: LO 45 Al 1At year end (ln millions) 2018 2017 2Liabilities and stockholders' equity 3 Current labilities 5 148S 184 30 20 411 4Accounts payable 149 14 5Accrued expenses 6 Employee compensation and benelits 7 Current portion of long term debt 314 1,485 134 Total current liabilities 9 Long-term bonds payable 10 Deferred income taxes payable 11 Leases payable 131 23 1844 12 Common stockholders equity 13 Total liabilities and stockholders equity 14Year-end (in millions) 15 Cost of goods sold 16 3782 $3462 $2656 $2046 5:02952046 Requirements 1. Describe cach of EnviroFriend's long-term liabilities and state how the liability arose 2. What were the company's total assets at December 31, 2018? Evaluate the company's leverage and debt ratios at the end f 2017 and 2018. Use year-end figures in place of averages where needed for calculating the ratios in this exercise. Did the corm deteriorate, or remain about the same over the year