eBook 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 $4,805 $5,010 Short-term investments, at cost 3,413 9,304 Accounts and notes receivable, net 10,849 9,542 Inventories 1,244 1,659 Prepaid expenses and other current assets 414 613 Short-term obligations and other liabilities 332 3,522 Accounts payable 7,958 7,838 a. Determine the (1) current ratio and (2) quick ratio for both years. Round your answers to one decimal place. 1. Current ratio 2. Quick ratio Current Year b. The liquidity of Sherwood has have Sherwood is a meeting short-term obligations. Check My Work Previous Year slightly over this time period. Both the current and quick ratios company with resources for Next >