Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 2019 3M Company Balance Sheets (partial) 2020 Current
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 2019 3M Company Balance Sheets (partial) 2020 Current assets Cash and cash equivalents $3,180 Accounts receivable, net 3,600 Inventories 2,738 Other current assets 1,932 Total current assets $11,450 Current liabilities $4,830 $1,836 3,180 3,019 1,590 $9,625 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answers to million.) Current ratio 2019 2020 Working capital 2019 million 2020 million Suppose that at the end of 2020, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25:1. Enter working capital answer to million.) Current ratio Working capitals million
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started