before nts M Company reported the following financial data for 2017 and 2016 (in millions)....
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before nts M Company reported the following financial data for 2017 and 2016 (in millions). 3M COMPANY Balance Sheet (partial) 2017 2016 Current assets $1,849 Cash and cash equivalents Accounts receivable, net Inventories Other current assets $ 3,040 3,250 2,639 1,866 $10,795 3,195 3,013 1,541 $9,598 Total current assets Current liabilities 4,897 $5,839 Instructions (a) Calculate the current ratio for 3M for 2017 and 2016. (b) Suppose that at the end of 2017, 3M management used $300 million cash to pay off $300 million of accounts payable. How would its current ratio change
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