=+PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end oftwo recent years:

Year 2

(in millions)

Year 1

(in millions)

Cash and cash equivalents $1,716 $1,280 Short-term investments, at cost 3,166 2,165 Accounts and notes receivable (net) 3,261 2,999 Inventories 1,693 1,541 Prepaid expenses and other current assets 618 654 Short-term obligations 2,889 1,054 Accounts payable and other current liabilities 5,971 5,999 Income taxes payable 546 99