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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

7. A single photon, from an unpolarized source, traveling in the z direction is directed through...

Physics
Q

You want to use microscopy to see if a substance is an attractant to your...

Biology
Q

AJPH Public Health Approach to Eliminating Health Disparities pdfin 250 300 words explain how the...

Biology
Q

2 10 2 4 2 5 2 of resistance R decreases h shown in the...

Physics
Q

Use the sample data and confidence level given below to complete parts a through d...

Statistics
Q

Find the moments of inertia Ix, Iy, I0 for a lamina that occupies the region...

Calculus
Q

1 IRA Fair Market Value 260 000 546 000 186 400 418 680 328 840...

Algebra
Q

. Knightstown has a property tax base with an appraised value consisting of $142,000,000 of...

Accounting
Q

Trueform Products, Inc., produces a broad line of sports equipment and uses a standard cost...

Accounting
Q

StartupCo commenced operations at the beginning of 2020. $125 million of equity was raised to...

Finance
Q

otal stock-based compensation expense $558,000,000 $515,000,000 ...

Accounting
Q

Thunderduck Car Repair is a company that provides car repair services and is in its...

Accounting