E11-15 Link Back to Chapter 4 (Current Ratio). The balance sheets of PepsiCo, Inc., for two years reported these figures: Billions 20X2 20X1 Total current assets.. $ 4.6 $ 4.1 Noncurrent assets... 14.2 13.0 $18.8 $17.1 Total current liabilities $ 3.7 $ 4.8 Noncurrent liabilities Stockholders' equity. 9.5 7.4 5.6 4.9 $18.8 $17.1 Assume that during 20X2. PepsiCo reclassified $2.1 billion of current liabilities as long-term. Required 1. Compute PepsiCo's current ratio as reported at the end of each year. Describe the trend you observe. 2. Assume that PepsiCo had not reclassified $2.1 billion of current liabilities as long-term during 20X2. Recompute the current ratio at the end of 20X2. Why do you think PepsiCo reclassified the liabilities as long-term?