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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

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:

Dec. 26, 2009 (in millions) Dec. 27, 2008 (in millions)
Cash and cash equivalents $3,126 $2,855
Short-term investments, at cost 2,220 5,302
Accounts and notes receivable, net 7,059 5,439
Inventories 1,861 3,308
Prepaid expenses and other current assets 620 1,224
Short-term obligations 331 3,512
Accounts payable and other current liabilities 7,831 7,161
Income taxes payable 108 657

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

Dec. 26, 2009 Dec. 27, 2008
Current ratio:
Quick ratio:

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