fixed income: total debt and total liability

fixed income r53, page217: q27: here solution use total liability for total debt. while in q32, solution for total debut=short term debt+long term debt. anybody see the reason? Thanks.

probably because you aren’t given “total liabilities”, only s-t & l-t debt.

I think it’s an error. Study exhibit 1 on pages 196-197 and note the inconsistency. Total debt/capitalization for 1997 specifically excludes at least one liability.