The following financial data were reported by 3M Company for 2007 and 2008 (dollars in millions). Instructions
Question:
Instructions
(a) Calculate the current ratio and working capital for 3M for 2007 and 2008.
(b) Suppose at the end of 2008, 3M management used $300 million cash to pay off $300 million of accounts payable. How would the current ratio and working capital havechanged?
Transcribed Image Text:
3M COMPANY Balance Sheets (partial) 2008 2007 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets $1,849 $1,896 3,362 2,852 1,728 $9,598 $9,838 $5,839 $5,362 3,195 3.013 1,541 Total current assets Current liabilities
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
a Current ratio 20089598 5839 1641 20079838 5362 1831 Working ...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0470507018
7th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
The following financial data were reported by 3M Company for 2006 and 2007 (dollars in millions). Instructions(a) Calculate the current ratio and working capital for 3M for 2006 and 2007.(b) Suppose...
-
The following financial data were reported by 3M Company (USA) for 2009 and 2010 (dollars in millions). Instructions (a) Calculate the current ratio and working capital for 3M for 2009 and 2010. (b)...
-
Suppose the following financial data were reported by 3M Company for 2013 and 2014 (dollars in millions). Instructions (a) Calculate the current ratio and working capital for 3M for 2013 and 2014....
-
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018: Instructions 1. Prepare a multiple-step income statement. 2....
-
What type of person would be a good fit with Nordstrom's extremely organic and informal structure? Why?
-
The auditor is responsible for: (a) Ensuring that the financial statements are prepared in accordance with accounting standards and the law. (b) Ensuring that accurate accounting records are...
-
What is a verified pleading?
-
A recent study found that racially mixed juries deliberated longer, raised more facts, and conducted broader and more wide ranging deliberations than either all white or all black juries. Why do you...
-
Customers seldom articulate their needs in a proper manner; rather they more than often express their needs (many times, bitch and moan!) in the form of their problems. Below given are a few such...
-
Start of Payroll Project 7-3a October 9, 20-- No. 1 The first payroll in October covered the two workweeks that ended on September 26 and October 3. This payroll transaction has been entered for you...
-
According to the accountant of Ulner Inc., its payroll taxes for the week were as follows: $198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for state unemployment taxes....
-
Jim Thome has prepared the following list of statements about bonds. 1. Bonds are a form of interest-bearing notes payable. 2. When seeking long-term financing, an advantage of issuing bonds over...
-
Establish identity. tan u 1 + sin u sec u
-
Calculate the threshold voltage Vro at Vas-OV, for an n-channel MOS transistor with the following parameters: Gate type: Aluminum gate Aluminum gate work function: q9M1 = 4.08eV Substrate doping...
-
How do you decide if a theory, practice or approach is valid or useful with clients or communities? To what extent is the idea of truth involved in the process for you? Do you agree that it is...
-
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date January 1 February 10 March 13 March 15 August 21 September 5...
-
Let f(x) = x-1 and g(x) 9(x) = Find X (a) (fog)(x) (b) (gof)(-1) (c) (fof)(x) (d) (gog)(5)
-
Convert from IEEE 754 to Decimal (Double Precision) 00110100001100110...00
-
Use the DerivaGem software to value a five-year collar that guarantees that the maximum and minimum interest rates on a LIBOR-based loan (with quarterly resets) are 7% and 5%, respectively. All...
-
Find the image of x = k = const under w = 1/z. Use formulas similar to those in Example 1. y| y = 0 -21 -2 -1 -1, /1 12 T -1 -1 y= -2 x =0
-
Suppose we look at a spreadsheet and see the entries 1, 1, 2, 3, 5, 8, 13, 21, 34, 55 in successive entries in column A. Suppose that 1 is entered into cell A1 and 1 into cell A2. What is the formula...
-
Distinguish among the three types of activities reported in the statement of cash flows.
-
Distinguish among the three types of activities reported in the statement of cash flows.
-
Distinguish among the three types of activities reported in the statement of cash flows.
-
Build a GUI conference registration program: StuPre | Conference Registration Event # of Participants Select Event 1 1 Event 2 2 Event 3 0 Event 4 1 Event 5 0 Enter your email: Register
-
1. Write a method that takes a string as input and prints true if the String length is greater than 6 characters. The method should print false otherwise. 2. Write a method that takes a String s and...
-
The analysis algorithm is known as follows: function Analysis(n:integer) ->integer {Initial State: n >= 0 Final State: Return calculation n(n+1)/2} Dictionary i: integer res: real Algorithm Res
Study smarter with the SolutionInn App