3M COMPANY Consolidated Statements of Income For Years Ended December 31 ($ millions) 2018 2017 $32,765 $31,657 Net sales. Operating expenses Cost of sales. Selling, general and administrative expenses Research, development and related expenses Gain on sale of businesses 16,682 7,602 1,821 (547) 16,055 6,626 1,870 (586) 25,558 23,965 Total operating expenses Operating income Other expense, net* 7,207 207 7,692 144 Income before income taxes 7,000 1,637 7,548 2,679 Provision for income taxes Net income including noncontrolling interest Less: Net income attributable to noncontrolling interest. 5,363 14 4,869 11 Net income attributable to 3M. 5,349 $ 4,858 * Interest expense, gross is $350 million in 2018 and $322 million in 2017. 3M COMPANY Consolidated Balance Sheets At December 31 ($ millions) 2018 2017 Current assets Cash and cash equivalents. Marketable securities Accounts receivable Total inventories Prepaids Other current assets $ 2,853 380 5,020 4,366 741 $ 3,053 1,076 4,911 4,034 937 266 349 Total current assets Property, plant and equipment, net Goodwill .... Intangible assets-net Other assets 13,709 8,738 10,051 2,657 14,277 8,866 10,513 2,936 1,395 1,345 Total assets $36,500 $37,987 Current liabilities Short-term borrowings and current portion of long-term debt. Accounts payable Accrued payroll. Accrued income taxes. Other current liabilities $ 1,211 2,266 749 243 2,775 $ 1,853 1,945 870 310 2,709 Total current liabilities Long-term debt... Pension and postretirement benefits Other liabilities 7,244 13,411 2,987 3,010 7,687 12,096 3,620 2,962 Total liabilities. 26,652 26,365 continued 3M COMPANY Consolidated Balance Sheets At December 31 ($ millions) 2018 2017 3M Company shareholders' equity Common stock par value Additional paid-in capital. Retained earnings Treasury stock Accumulated other comprehensive income (loss) Total 3M Company shareholders' equity Noncontrolling interest Total equity. Total liabilities and equity. 9 5,643 40,636 (29,626) (6,866) 9 5,352 39,115 (25,887) (7,026) 9,796 52 11,563 59 9,848 11,622 $36,500 $37,987 Required a. Compute the current ratio and quick ratio for 2018 and 2017. Comment on any observed trends. b. Compute times interest earned and liabilities-to-equity ratios for 2018 and 2017. Comment on any noticeable changes. c. Summarize your findings about the company's liquidity and solvency. Do you have any concerns about its ability to meet its debt obligations