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  3. suppose the following financial data were reported

Suppose the following financial data were reported by 3M Company for 2016 and 2017 (dollars...

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Suppose the following financial data were reported by 3M Company for 2016 and 2017 (dollars in millions) 3M Company Balance Sheets (partial) 2017 2016 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets 3,016 3,190 2,693 1,818 $10,717 $4,974 $1,811 3,150 3,022 1,522 $9,505 $5,830 Total current assets Current liabilities Calculate the current ratio and working capital for 3M for 2016 and 2017. (Round current ratio to 2 decimal places,e.g. 1.25:1.) Current ratio 2016 2017 Working capital 2016 2017 million million Suppose that at the end of 2017, 3M management used $290 million cash to pay off $290 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.) Current ratio Working capital 1 million

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