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 Previous Year (in millions) (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 Prepaid expenses and other current assets 1,547 1,865 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 1. Current ratio 1.3 1.3 2. Quick ratio 1.0 b. The liquidity of PepsiCo has slightly over this time period. The current ratio has and the quick ratio has PepsiCo appears to have resources to meet its short-term obligations, and these resources have during this time period