EX 17-7 Current position analysis OBJ. 3 PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years: Current Year Prior Year (in millions) (in millions) Cash and cash equivalents $ 8,721 $10,610 Short-term investments, at cost 272 8,900 Accounts and notes receivable, net 7,142 7,024 Inventories 3,128 2,947 Prepaid expenses and other current assets 2,630 1,546 Accounts payable 18,112 15,017 Other short-term liabilities 4,026 5,485 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. b. What conclusions can you draw from these data about PepsiCo's liquidity