Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions).

Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts payable. What

would the new ratio be? (Round answer to 2 decimal places, g. 1.25:1)

Question 7 of 9 View FONCIES Current Attempt in Progress Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 3M COMPANY Balance Sheet (partial) 2022 2021 $3,040 $1,849 3.250 3,195 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities 2,639 3,013 1,866 1,541 $10,795 $9,598 $4,897 $5,839 (a) Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, (g. 1.25:1) 2022 2021 Current ratio 51 (a) = Your answer is correct Calculate the current ratio for 3M for 2022 and 2021. (Round answers to 2 decimal places, 68.1.25:1) 2022 2021 Current ratio 2.20 :1 164 -1 eTextbook and Media Attempts: 1 of 3 used (b) Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts payable. What would the new ratio be? (Round answer to 2 decimal places, as. 1.25:1) Current ratio 1 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Antwer