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8 Suppose the following financial data were reported by 3M Company for 2021 and 2022 (doltars in millions). 3M Company Balance Sheets (partial) 2022 2021
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Suppose the following financial data were reported by 3M Company for 2021 and 2022 (doltars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets $3.140 $1.800 Cash and cash equivalents Accounts receivable, net 3.440 3.160 Inventories 2.675 3,022 1.902 1.640 Other current assets Total current assets $11.157 $9.622 Current liabilities $4,841 $5.827 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022found current ratio to 2 decimal places 12511. Enter worlongital answers to fillon) Current ratio :1 2021 :1 2022 Working capital 2021 $ million $ million 2022 (b) Suppose that at the end of 2022, 3M management used $197 million cash to pay off $197 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, eg. 1.25: 1. Enter working capital answer to million) Current ratio :1 Working capital $ million Step by Step Solution
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