Exercise 11-21 (similar to) A Question Help o - X Balance sheet Suppose the balance sheets of a corporation for two (Click the icon to view the balance sheet.) The notes to the 2020 financial statements report tha m current liabilities to long-term liabilities during 2020. Millions 2020 2019 Required 1. Compute the corporation's current ratio (curre 2. Suppose that the corporation had not refinand the corporation decided to reclassify the liabili you observe. compute the current ratio for 2020 to include the $7.0 million. Why do you think Total current assets $ $ 24.70 44.95 24.25 41.40 Property, plant, and equipment, net $ 69.65 $ 65.65 Requirement 1. Compute the corporation's current Total assets Total current liabilities Long-term liabilities $ 11.76 $ 15.55 Current ratio 2020 30.05 27.84 23.42 26.68 Current ratio 2019 Shareholders' equity $ 69.65 $ 65.65 Total liabilities and shareholders' equity Print Done Suppose the balance sheets of a corporation for two years reported these figures: Click the icon to view the balance sheet.) The notes to the 2020 financial statements report that because of some refinancing arrangements, the corporation was able to reclassify S7.0 million from current liabilities to long-term liabilities during 2020. Required 1. Compute the corporation's current ratio (current assets - current liabilities) at the end of each year. Describe the change between the years that you observe. 2. Suppose that the corporation had not refinanced and not been able to reclassify the $7.0 million of current liabilities as long term during 2020. Recompute the current ratio for 2020 to include the $7.0 million. Why do you think the corporation decided to reclassify the liabilities as long-term? Requirement 1. Compute the corporation's current ratio at the end of each year. (Round your answers to two decimal places.) Current ratio 2020 Current ratio 2019 Enter your answer in the edit fields and then click Check Answer. 3 parts remaining Clear All Check Answer E 07:45 17/10/2020