Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suppose 3m company reported...

Suppose 3M Company reported...

90.2K

Verified Solution

Question

Accounting

image

image

Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 2021 3M COMPANY Balance Sheet (partial) 2022 Current assets Cash and cash equivalents $3,085 Accounts receivable, net 3,290 Inventories 2,685 Other current assets 1,910 Total current assets $10,970 Current liabilities $4,388 $1,890 3,240 3,050 1,580 $9,760 $5,868 Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, e.9. 1.25:1) Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, e.g. 1.25:1) 2022 2021 Current ratio LINK TO TEXT Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts paya What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio

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!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Given the following solution, 50.00 mL 0.10M Potassium Chlorate, K2CrO4 answer the following. 1) What volume(mL) of...

Biology
1.2K views

How many kilometers in 2 300 000 centimeters

Physics
1.2K views

15 There are three copper wires of lengths and cross sectional A 1 2 areas...

Geometry
1.2K views

A fruit stand sells pints of blueberries for 3 each and pints of strawberries for...

Basic Math
1.2K views

Given s t 12 4t where s t is in feet and t is in...

Basic Math
1.2K views

In a certain country, income tax is assessed by people not having to pay a...

Statistics
1.2K views

The magnitude of a vector d is 9 and its direction angle 8 is 11...

Algebra
1.2K views

Dimensions Let V be a finite vector space and U and W subspaces of V...

Accounting
1.2K views

Tarea Depreciacin Equipment was purchased for $70,468. The equipment is...

Accounting
1.2K views

Fox Co. bought 1,000 shares of Owl Co. common stock, after which Owl had...

Accounting
1.2K views

Dashboard Inc. manufactures and assembles automobile instrument panels for both eCar Motors and Greenville Motors....

Finance
1.2K views

Euro/Japanese Yen. A French firm is expecting to receive 10.4 million in 60 days as...