Hanover, Inc. Use the selected data from the comparative financial statements for Hanover, Inc. to answer the questions that follo
Hanover, Inc.
Balance Sheet Accounts
(all accounts have normal balances)
(in millions)

\begin{array}{lrr}&\text {Dec. 30,2017 }&\text { Dec. 31,2016}\\\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 salaries 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}

-Refer to the account information for Hanover, Inc.

Required:
Compute the total current liabilities for the years 2017 and 2016.Calculate the percentage change in the total current liabilities.

The Solution to This Problem Requires Time Value of Money

Multiple Choice

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