Hanover,Inc -Refer to the Account Information for Hanover,Inc

question 80

Essay

Hanover,Inc.
Use the selected data from the comparative financial statements for Hanover,Inc.to answer the questions that follow.
$\begin{array}{c}\text {Hanover, Inc.}\\\text {Balance Sheet Accounts}\\\text {(all accounts have normal balances)}\\\text {(in millions)}\\\begin{array}{lrr}&\text { Dec. } 30,2018 &\text { Dec. } 31,2017\\\text { Inventories } & \$ 1,780 & \$ 1,649 \\\\\text { Total current assets } & \$ 9,428 & \$ 8,625\\\\\text { Liabilities in order of significance: }\\\text { Long-term debt } &\$ 14,465 & \$ 15,001 \\\text { Other noncurrent liabilities } & 4,421 & 3,148 \\\text { Deferred income taxes } & 3,504 & 3,543 \\\text { Accounts payable } & 2,556& 2,468 \\\text { Other current liabilities } &2,066 & 1,738 \\\text { Accrued sal aries and wages } & 1,538 & 1,082 \\\text { Short-term borrowings } & 1,200 & 1,126 \\\text { Accrued advertising expense } & 793& 928 \\\text { Income taxes payable } &658 & 1,142\end{array}\end{array}$

-Refer to the account information for Hanover,Inc.
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Required
?Compute the total current liabilities for the years 2018 and 2017.Calculate the percentage change in the total current liabilities.

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Definitions:

Premium on Bonds Payable

An amount by which a bond's selling price exceeds its face value, indicating that the bond was issued at a price higher than its nominal value.

Straight-Line Method

A method of calculating depreciation of an asset, where the cost of the asset is evenly divided over its useful life.

Bond Premium

The surplus of a bond's market price over its nominal or face value.

Face Amount

The total amount of money that will be paid at maturity by a financial instrument such as a bond or life insurance policy.