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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
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) $1,814 $1,899 1,289 3,526 4,097 Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Prepaid expenses and other current assets Short-term obligations 3,617 1,350 1,200 450 444 240 2,548 Accounts payable 5,760 5,672 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place
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