Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. suppose the following financial data were reported

Suppose the following financial data were reported by 3M Company...

90.2K

Verified Solution

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

image

image

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!
Become a Member

Other questions asked by students

Biology
1.2K views

Describe how sugar is catabolized to pyruvate via glycolysis. Explain how these catabolic reactions generate ATP...

Biology
1.2K views

0 00 0 24 A C B Speed 1x Pau Genetic drift can occur due...

Biology
1.2K views

Select the correct answer from each drop-down menu.Complete the sentences to explain how photosynthetic organisms...

Basic Math
1.2K views

3 Which sets of ordered pairs represent functions What strategies did you use to find...

Statistics
1.2K views

7 Jupiter weighs 1 898 000 000 000 tons If 1 0 ton is equal...

Calculus
1.2K views

A shopping center includes a grocery store and a drug store. One afternoon, a total...

Accounting
1.2K views

Prepare journal entrles to record the following production activitles. Incurred $44,000 of direct...

Accounting
1.2K views

Sarasota Company began operations on January 2, 2019. It employs 8 individuals who work 8-hour...

Accounting
1.2K views

Santana Rey created Business Solutions on October 1, 2020. The company has been successful, and...

Accounting
1.2K views

Please discuss the differences between the simple equity method, sophisticated equity method and the cost...

Accounting
1.2K views

Old MathJax webview Old MathJax webview ...

Accounting
1.2K views

Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions)...