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In: Accounting

Sherwood, Inc., the parent company of Frito-Lay snack foods and Sherwood beverages, had the following current...

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:

Current Year
(in millions)		 Previous Year
(in millions)
Cash and cash equivalents $2,485 $2,671
Short-term investments, at cost 1,765 4,961
Accounts and notes receivable, net 5,610 5,088
Inventories 1,305 580
Prepaid expenses and other current assets 435 215
Short-term obligations 232 2,465
Accounts payable 5,568 5,485

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
2. Quick ratio

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Expert Solution

ekkarill92 answered 10 months ago
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