Sewickley Company
Use the Liabilities Section of Sewickley Company's Balance

question 124

Essay

Sewickley Company
Use the Liabilities section of Sewickley Company's balance sheet to answer the questions that follow.

$\begin{array}{c}\text {Sewickley Company}\\\text {Consolidated Balance Sheets}\\ \text {(in millions)}\\\begin{array}{lrr}&\quad\quad\text { December 31,} \\&2018 & 2017 \\\text { Current liabilities }\\\text { Short-term borrowings } & \$ 354 & \$ 202 \\\text { Accounts payable and other current liabilities } & 4,461 & 4,529 \\\text { Income taxes payable } & \underline{183} & \underline{64} \\\text { Total current liabilities } & \$ 4,998 & \$ 4,795\\\\\text { Long-term debt } & \$ 2,651 & \$ 3,009 \\\text { Other long-term li abilities } & 3,876 & 3,960 \\\text { Deferred income taxes (assume all are long-term) } & 1,496 & 1,367\end{array}\end{array}$
-Review the consolidated balance sheets of Sewickley Company.
Required
(1)Which long-term liability would also be listed in the Short-Term Liability section? Why?
(2)What percent of the total liabilities for 2018 and 2017 are long-term liabilities? What implication does this have?

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