Current Position Analysis 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 $2,516 $2,514 Short-term investments, at cost 1,787 4,668 Accounts and notes receivable, net 5,681 4,788 Inventories 936 1,248 Prepaid expenses and other current assets 312 462 Short-term obligations 250 2,651 Accounts payable 5,990 5,899 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 b. The liquidity of Sherwood has some over this time period. Both the current and quick ratios have . Sherwood is a company with resources for meeting short-term obligations. Its liquidity as measured by the current and quick ratios has during this period.

Apractitioner is engaged to prepare a client's federal income tax return for 2017 and 2018. the practitioner files the 2017 return on the client's behalf and provided copies of the 2017 return and all related documents to the client. after the 2018 return is prepared, the client disputes the fees for the 2018 tax engagement, terminates the relationship, and requests all tax returns and related records. the client has not yet paid for preparation of the 2018 return. under irs circular 230, which records must the practitioner return to the client? a.) notes the practitioner took when meeting with the client about the 2017 and 2018 tax returns. b.) the engagement letter executed by the client for preparation of the 2018 federal income tax return. c.) an appraisal the practitioner prepared in connection with the 2017 federal income tax return. d.) schedules the practitioner prepared, which the client needs to file in its 2018 federal income tax return.