Unit 4 Assignment Q8

Q8a

b

Current Attempt in Progress Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets $3,000 $1,845 Cash and cash equivalents Accounts receivable, net 3,480 3,170 Inventories 2,648 3,046 Other current assets 1920 1.617 Total current assets $11,048 $9,678 Current liabilities $4,863 $5,842 (a Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, eg. 1.25: 1. Enter working capital answers to million) Current ratio 2021 .1 2022 -1 Working capital 2021 million 2022 million e Textbook and Media Attempts: 0 of 5 used Submit Answer Save for later (b) Suppose that at the end of 2022, 3M management used $195 million cash to pay off $195 milion 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 e Textbook and Media Save for Later Attempts: 0 of 5 used Submit