Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following...
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Accounting
Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following current assets and current liabilities at the end of two recent years:
| Line Item Description | Current Year (in millions) | Previous Year (in millions) |
|---|---|---|
| Cash and cash equivalents | $2,803 | $3,024 |
| Short-term investments, at cost | 1,991 | 5,616 |
| Accounts and notes receivable, net | 6,330 | 5,759 |
| Inventories | 2,318 | 1,855 |
| Prepaid expenses and other current assets | 772 | 686 |
| Short-term obligations | 247 | 2,626 |
| Accounts payable | 5,933 | 5,844 |
a. Determine the (1) current ratio and (2) quick ratio for both years. Round your answers to one decimal place.
| Line Item Description | Current Year | Previous Year |
|---|---|---|
| 1. Current ratio | fill in the blank 1 | fill in the blank 2 |
| 2. Quick ratio | fill in the blank 3 | fill in the blank 4 |
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