Sherwood, Inc., the parent company of Tasty snack foods and Super beverages, had the following...
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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 recent years: Current Year Previous Year (in millions) (in millions) Cash and cash equivalents $1,736 $1,586 Short-term investments, at cost 1,233 2,945 Accounts and notes receivable, net 3,921 3,021 Inventories 2,584 3,446 Prepaid expenses and other current assets 1,274 Short-term obligations 276 2,926 Accounts payable 6,614 6,514 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Current Year Previous Year 1. Current ratio 861 2. Quick ratio
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