Current Position Analysis Sherwood, Inc., the parent company of Tasty snack foods and Super beverages, had the following current assets and current liabilities at the end of two recent years:

Current Position Analysis Sherwood, Inc., the parent company of Tasty snack foods and Super beverages, had the following current assets and current liabilities at the end of two recent years: Previous Year Current Year (in millions) $2,785 1,978 6,289 1,382 (in millions) Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Prepaid expenses and other current assets Short-term obligations Accounts payable a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place $2,650 4,922 5,048 921 341 3,912 8,708 460 368 8,842 Current Year Previous Year 1. Current ratio 2. Quick ratio b. The liquidity of Sherwood has some over this time period. Both the current and quick ratios have company with Sherwood is a Its liquidity as measured by the current and quick ratios has resources for meeting short-term obligations during this period