Current Position Analysis PepsiCo, Inc. (PEP), the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years: Current Year (in millions) Previous Year (in millions) Cash and cash equivalents $9,158 $9,096 Short-term investments, at cost 6,967 2,913 Accounts and notes receivable, net 6,694 6,437 Inventories 2,723 2,720 1,547 1,865 Prepaid expenses and other current assets Short-term obligations 6,892 4,071 Accounts payable 14,243 13,507 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Current Year Previous Year Prev 1. Current ratio 1.3 x 1.1 X 1.3 X 1.6 x 2. Quick ratio and the quick ratio has increased . PepsiCo appears to have ample X b. The liquidity of PepsiCo has decreased X slightly over this time period. The current ratio has remained constant X resources to meet its short-term obligations, and these resources have improved x during this time period