http://www.nasdaq.com/symbol/tr/financials?query=income-statement is important to properly classify and report current and long-term liabilities because they affect liquidity and risk for a company.Look at Tootsie Roll Industries Inc.’s most current annual report. Focus on the Balance Sheet, which Tootsie Roll Industries Inc. titles Consolidated Statements of Financial Position, and the notes following the financial statements. Answer the following questions in a clear and concise, professional business report. Use correct APA formatting.What was the balance of total current liabilities for the three most recent years of your research? Did this balance trend upward or downward from one year to the next? What account or accounts experienced the largest change?Is the amount of current liabilities more or less than the long-term liabilities? What does the result mean? Is the total stockholders’ equity more or less than total liabilities? What does the result mean?Calculate the debt ratio and current ratio for your company. Generally speaking what do these ratios tell you?