Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities 2022 $3,100 3,450 2,765 1,950 $11,265 $4,814 2021 $1,899 3,140 3,013 1,587 $9,639 $5,824
Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, e.g. 1.25:1. Enter working capital answers to million.) Suppose that at the end of 2022,3M management used $188 million cash to pay off $188 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25:1. Enter working capital answer to million.) Currentratio :1 Working capital million
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
