Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years:
Fantastic news! We've Found the answer you've been seeking!
Question:
Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years:
| Year 2 (in millions) | Year 1 (in millions) | |||
| Cash and cash equivalents | $4,165 | $4,528 | ||
| Short-term investments, at cost | 2,958 | 8,408 | ||
| Accounts and notes receivable, net | 9,404 | 8,624 | ||
| Inventories | 1,771 | 787 | ||
| Prepaid expenses and other current assets | 590 | 291 | ||
| Short-term obligations (liabilities) | 315 | 3,342 | ||
| Accounts payable and other current liabilities | 7,453 | 6,813 | ||
a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place.
| Year 2 | Year 1 | |
| Current ratio | fill in the blank 1 | fill in the blank 2 |
| Quick ratio | fill in the blank 3 | fill in the blank 4 |
Expert Answer:
Related Book For 
Posted Date:
