The Gap Inc (GPS) operates specialty retail stores under such brand names as GAP, Old Navy, and Banana Republic The following asset and liability data (in millions) were adapted from recent financial statements Line Item Description Year 2 Year 1 Current assets Cash $877 $1,988 Short term investments 410 Inventory 3,018 2,451 Prepaid and other current assets 1,270 1,159 Total current assets $5,165 $6,008 Total current liabilities $4,077 $3,884 1 Compute quick assets for Years 2 and 1 Line Item Description Quick Assets Year 2 $ fill in the blank 1 million Year 1 $ fill in the blank 2 million 2 Compute the quick ratio for Years 2 and 1 Round your answers to two decimal places Line Item Description Quick Ratio Year 2 fill in the blank 3 Year 1 fill in the blank 4 3 The Gap's quick assets have fill in the blank 1 of 4 increased by $1,521 decreased by $1,521 stayed approximately the same decreased by $1,521 from Year 1 to Year 2 Its quick ratio fill in the blank 2 of 4 inclined declined stayed approximately the same declined by fill in the blank 3 of 4 $ during Year 2 Overall, The Gap's liquidity position has fill in the blank 4 of 4 inclined declined stayed approximately the same declined from Year 1 to Year 2

Question: The Gap Inc. (GPS) operates specialty retail stores under such brand names as GAP, Old Navy, and Banana Republic. The following asset and liability data

The Gap Inc. (GPS) operates specialty retail stores under such brand names as GAP, Old Navy, and Banana Republic. The following asset and liability data (in millions) were adapted from recent financial statements.

Line Item Description	Year 2	Year 1
Current assets:
Cash	$877	$1,988
Short-term investments	-	410
Inventory	3,018	2,451
Prepaid and other current assets	1,270	1,159
Total current assets	$5,165	$6,008
Total current liabilities	$4,077	$3,884

1. Compute quick assets for Years 2 and 1.

Line Item Description	Quick Assets
Year 2	$fill in the blank 1million
Year 1	$fill in the blank 2million

2. Compute the quick ratio for Years 2 and 1. Round your answers to two decimal places.

Line Item Description	Quick Ratio
Year 2	fill in the blank 3
Year 1	fill in the blank 4

3. The Gap's quick assets have fill in the blank 1 of 4

from Year 1 to Year 2. Its quick ratio fill in the blank 2 of 4

by fill in the blank 3 of 4$ during Year 2. Overall, The Gap's liquidity position has fill in the blank 4 of 4

from Year 1 to Year 2.

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