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3M COMPANY Balance Sheet (partial) 2027 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities $3,010 3,060 2,560 1,710 $10,340 $4,239 2026 $1,860 3,160 2,860 1.510 $9,390 $5.540

3M COMPANY Balance Sheet (partial) 2027 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities $3,010 3,060 2,560 1,710 $10,340 $4,239 2026 $1,860 3,160 2,860 1.510 $9,390 $5.540

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Suppose 3M Company reported the following financial data for 2027 and 2026 (in millions). 3M COMPANY Balance Sheet (partial) 2027 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities (a) Your answer is correct. (b) Current ratio Calculate the current ratio for 3M for 2027 and 2026. (Round answers to 2 decimal places, e.g. 1.25:1) 2026 eTextbook and Media 2026 $3,010 $1,860 3,060 3.160 2,560 1,710 1.510 $10,340 $9,390 $4,239 $5,540 2027 2,860 2.44:1 169:1 :1 Attempts: 1 of 3 used Suppose that at the end of 2027, 3M management used $310 million cash to pay off $310 million of accounts payable. How would its current ratio change? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio
Transcribed Image Text:Suppose 3M Company reported the following financial data for 2027 and 2026 (in millions). 3M COMPANY Balance Sheet (partial) 2027 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities (a) Your answer is correct. (b) Current ratio Calculate the current ratio for 3M for 2027 and 2026. (Round answers to 2 decimal places, e.g. 1.25:1) 2026 eTextbook and Media 2026 $3,010 $1,860 3,060 3.160 2,560 1,710 1.510 $10,340 $9,390 $4,239 $5,540 2027 2,860 2.44:1 169:1 :1 Attempts: 1 of 3 used Suppose that at the end of 2027, 3M management used $310 million cash to pay off $310 million of accounts payable. How would its current ratio change? (Round answer to 2 decimal places, e.g. 1.25:1) Current ratio
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