Current Position Analysis 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: C Current Year (in millions) Previous Year (in millions) Cash and cash equivalents Short-term investments, at cost $4,579 $4,772 3,252 8,862 Accounts and notes receivable, net 10,339 9,088 Inventories 1,185 790 Prepaid expenses and other current assets 395 292 Short-term obligations 316 3,354 Accounts payable 7,584 7,466 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. 1. Current ratio 2. Quick ratio Current Year Previous Year b. The liquidity of Sherwood has some over this time period. Both the current and quick ratios have Sherwood is a company with Its liquidity as measured by the current and quick ratios has resources for meeting short-term obligations. during this period