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

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
(1)Calculate percentage changes in accounts payable and income taxes payable.Give a possible explanation for the changes in these accounts.
(2)By how much did Hanover's long- and short-term borrowings change from 2017 to 2018? Give a possible explanation for the change in debt.What other financial statement would be useful in analyzing the change in borrowings? Why?