Reference no: EM132554122
Question - Hamburg, Inc. Balance Sheet Accounts (all accounts have normal balances) (in millions) Dec. 30, 2019 Dec. 31, 2018 Inventories $1,780 $1,649 Total current assets $9,428 $8,625 Liabilities in order of significance: Long-term debt $14,465 $15,001 Other noncurrent liabilities 4,421 3,148 Deferred income taxes 3,504 3,543 Accounts payable 2,556 2,468 Other current liabilities 2,066 1,738 Accrued salaries and wages 1,538 1,082 Short-term borrowings 1,200 1,126 Accrued advertising expense 793 928 Income taxes payable 658 1,142
You are asked to:
1) Compute the total current liabilities for the years 2019 and 2018. Calculate the percentage change in the total current liabilities.
2) Calculate percentage changes in accounts payable and income taxes payable (from 2018 to 2019). Give a possible explanation for the changes in these accounts.
3) By how much did Hamburg's long-term and short-term borrowings change from 2018 to 2019?
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