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 $4,047 $4,410 Short-term investments, at cost 2,875 8,190 Accounts and notes receivable, net 9,138 8,400 Inventories 2,190 1,460 Prepaid expenses and other current assets 730 540 Short-term obligations 292 3,100 Accounts payable 7,008 6,900 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