Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following...
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Accounting
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
$2,803
$3,024
Short-term investments, at cost
1,991
5,616
Accounts and notes receivable, net
6,330
5,759
Inventories
2,318
1,855
Prepaid expenses and other current assets
772
686
Short-term obligations
247
2,626
Accounts payable
5,933
5,844
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
Answer & Explanation
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