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

question 79

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)What are the total long-term liabilities for the two years presented?

(2)What is the percent increase/decrease of long-term liabilities from 2017 to 2018? Which liability appears to have caused the greatest change?

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Definitions:

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Lac Operon

A regulatory unit in the DNA of bacteria that controls the metabolism of lactose, consisting of genes coding for proteins involved in lactose processing and the regulatory elements controlling them.

Structural Genes

Genes that code for proteins which serve as building blocks for cells and tissues or take part in chemical reactions within the organism.

Regulatory Sequences

DNA sequences that are involved in controlling the expression of genes, determining when and where genes are turned on or off.