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 Cash and cash equivalents $3,044 $1,887 Accounts receivable, net 3,100 3,040 Inventories 2,687 3,022 Other current assets 1,894 1,526 Total current assets $10,725 $9.475 Current liabilities $ 4,988 $5.893 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, e.g. 1.25: 1) Current ratio 2021 2.15 :1 2022 1.60 :1 Working capital 2021 24 5737 million 2022 %24 3582 million

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 Cash and cash equivalents $3,044 $1,887 Accounts receivable, net 3,100 3,040 Inventories 2,687 3,022 Other current assets 1,894 1,526 Total current assets $10,725 $9.475 Current liabilities $ 4,988 $5.893 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, e.g. 1.25: 1) Current ratio 2021 2.15 :1 2022 1.60 :1 Working capital 2021 24 5737 million 2022 %24 3582 million

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 32BE

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