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Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in (in millions) millions)
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2 Year 1 (in (in millions) millions) $1,334 $1,185 Cash and cash equivalents 947 2,200 Short-term investments, at cost Accounts and notes receivable, net 3,011 2,257 1,765 Inventories 1,764 653 Prepaid expenses and other current 588 assets Short-term obligations 235 2,499 Accounts payable and other current 5,569 5,094 liabilities 467 Income taxes payable 76 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place Year 2 Year 1 Current ratio Quick ratio
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