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 (in millions) Previous Year (in millions) Cash and cash equivalents $3,616 $3,884 Short-term investments, at cost 2,568 7,213 Accounts and notes receivable, net. 8,164 7,399 Inventories 1,256 544 Prepaid expenses and other current assets 422 312 Short-term obligations 338 3,584