The following financial data were reported by 3M Company for 2004 and 2005 (dollars in millions). Instructions

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The following financial data were reported by 3M Company for 2004 and 2005 (dollars in millions).

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Instructions

(a) Calculate the current ratio and working capital for 3M for 2004 and 2005.

(b) Suppose that at the end of 2005 3M management used $$200$ million cash to pay off $$200$ million of accounts payable. How would its current ratio and working capital have changed?

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Accounting Principles

ISBN: 9780471980193

8th Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel

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Question Posted: May 13, 2024 08:49 AM

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The following financial data were reported by 3M Company for 2004 and 2005 (dollars in millions). Instructions

Question:

3M COMPANY Balance Sheets (partial) 2005 2004 Current assets Cash and cash equivalents $1.072 $2,757 Accounts receivable, net 2,838 2,792 Inventories 2,162 1,897 Other current assets 1,043 1,274 Total current assets $7,115 $8,720 Current liabilities $5,238 $6,071

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Accounting Principles

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