Reuters describes Minnesota Mining and Manufacturing Company (3M) as a diversified technology company with a global presence

Question:

Reuters describes Minnesota Mining and Manufacturing Company (3M) as a diversified technology company with a global presence in the following industries: industrial and transportation; health care; safety, security, and protection services; consumer and office; display and graphics; and electro and communications. The income statements and balance sheets (slightly modified) for the years ended December 31, 2011, and December 31, 2010, are in Exhibit.

1. Prepare an income statement and balance sheet for 3M that has two columns, one showing the dollar amount of change between 2010 and 2011 and the other showing the percentage of change.

2. Identify and discuss the most significant changes between 2010 and 2011.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...