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:

Line Item Description Current Year

$($in millions$)$ Previous Year

$($in millions$)$

Cash and cash equivalents $$1,800$ $$1,541$

Short$-$term investments, at cost $1,2792,862$

Accounts and notes receivable, net $4,0652,935$

Inventories $3,3493,571$

Prepaid expenses and other current assets $1,1161,321$

Short$-$term obligations and other liabilities $3573,791$

Accounts payable $8,5738,439$

a$.$ Determine the $(1)$ current ratio and $(2)$ quick ratio for both years. Round your answers to one decimal place.

Line Item Description Current Year Previous Year

$1.$ Current ratio fill in the blank $1$

fill in the blank $2$

$2.$ Quick ratio fill in the blank $3$

fill in the blank $4$

b$.$ The liquidity of Sherwood has fill in the blank $1$ of $4$

slightly over this time period. Both the current and quick ratios have fill in the blank $2$ of $4$

$.$ Sherwood is a fill in the blank $3$ of $4$

company with fill in the blank $4$ of $4$

resources for meeting short$-$term obligations.