Constructing and Analyzing Balance Sheet Amounts from Incomplete Data

Selected balance sheet amounts for 3M Company, a manufacturer of consumer and business products, for five recent years follow.

(a) Compute the missing balance sheet amounts for each of the three years shown.

($ millions)	Current Assets	Long-term Assets	Total Assets	Current Liabilities	Long-term Liabilities	Total Liabilities	Stockholders' Equity
2008	$9,598	$Answer	$25,793	$Answer	$9,550	$15,489	$10,304
2009	10,795	16,455	Answer	4,897	9,051	Answer	13,302
2010	Answer	17,941	30,156	6,089	8,050	14,139	Answer

(b) What types of accounts would we expect to be included in current assets? In long-term assets?

Account	Category
Accounts payable	AnswerCurrent assetLong-term assetNeither
Accounts receivable	AnswerCurrent assetLong-term assetNeither
Accrued expenses	AnswerCurrent assetLong-term assetNeither
Cash	AnswerCurrent assetLong-term assetNeither
Common stock	AnswerCurrent assetLong-term assetNeither
Goodwill	AnswerCurrent assetLong-term assetNeither
Inventories	AnswerCurrent assetLong-term assetNeither
Prepaid expenses	AnswerCurrent assetLong-term assetNeither
Property, plant and equipment	AnswerCurrent assetLong-term assetNeither
Retained earnings	AnswerCurrent assetLong-term assetNeither
Trademark	AnswerCurrent assetLong-term assetNeither