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I just need a little help for part B Exercise 10-21 (Part Level Submission) Suppose 3M Company reported the following financial data for 2022 and
I just need a little help for part B
Exercise 10-21 (Part Level Submission) Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 2021 3M COMPANY Balance Sheet (partial) 2022 Current assets Cash and cash equivalents $3,020 Accounts receivable, net 3,225 Inventories 2,620 Other current assets 1,845 Total current assets $10,710 Current liabilities $4,284 $1,825 3,175 2,985 1,515 $9,500 $5,700 (a) Your answer is correct. Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, e.g. 1.25:1) 2022 2021 Current ratio Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (b) * Your answer is incorrect. Try again. Suppose that at the end of 2022, 3M management used $600 million cash to pay off $600 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio Current ratio 2.35 2.35 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 2 of 3 usedStep by Step Solution
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