Exercise 13- 3 Accounts Receivable and Inventory Analyses for Coca- Cola and PepsiCo
The following information was obtained from the 2008 and 2007 financial statements of Coca- Cola Company and Subsidiaries and PepsiCo Inc. and Subsidiaries. (Year-ends for PepsiCo are December 27, 2008, and December 29, 2007.) Assume all sales are on credit for both companies.

(in millions)		Coca- Cola	PepsiCo
Accounts and notes receivable, net*	12/ 31/ 08	$ 3,090	$ 4,683
	12/ 31/ 07	3,317	4,389
Inventories	12/ 31/ 08	2,187	2,522
	12/ 31/ 07	2,220	2,290
Net revenue**	2008	31,944	43,251
	2007	28,857	39,474
Cost of goods sold***	2008	11,374	20,351
	2007	10,406	18,038

*Described as %u201C trade accounts receivable, less allowances%u201D by Coca- Cola.
**Described as %u201C net operating revenues%u201D by Coca- Cola.
***Described as %u201C cost of sales%u201D by PepsiCo.

Required
1. Using the information provided, compute the following for each company for 2008:
2. Comment briefly on the liquidity of each of these two companies.

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