Question
Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions). 3M COMPANY Balance Sheet (partial) 2022 2021 Current assets Cash and
Suppose 3M Company reported the following financial data for 2022 and 2021 (in millions).
| 3M COMPANY Balance Sheet (partial) | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Current assets | ||||
| Cash and cash equivalents | $3,065 | $1,870 | ||
| Accounts receivable, net | 3,270 | 3,220 | ||
| Inventories | 2,665 | 3,030 | ||
| Other current assets | 1,890 | 1,560 | ||
| Total current assets | $10,890 | $9,680 | ||
| Current liabilities | $4,356 | $5,808 | ||
(a)
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 | enter current ratio rounded to 2 decimal places :1 | enter current ratio rounded to 2 decimal places :1 |
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Auditing Excellence Principles And Practices In Accounting Ensuring Accuracy Transparency And Compliance In Financial Reporting
Authors: Ryan Flores
1st Edition
B0C6448LC8, 979-8395841360
