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: Current Year Previous Year (in millions) (in millions) Cash and cash equivalents Short-term investments, at cost $4,879 $5,318 3,465 9,877 Accounts and notes receivable, net 11,016 10,131 Inventories 3,300 3,522 Prepaid expenses and other current assets 1,100 1,302 Short-term obligations 352 3,739 Accounts payable 8,448 8,321 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 increased strong company with ample improved during this period. some over this time period. Both the current and quick ratios have increased Sherwood is a resources for meeting short-term obligations. Its liquidity as measured by the current and quick ratios has