Constructing and Analyzing Balance Sheet Amounts from Incomplete DataSelected 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.Current Long-term TotalAssetsAssets($ millions)199920002001$6,066 $6,379Item1. Cash and cash equivalents2. Property plant & equipment3. Inventory4. Accounts payable5. Marketable securities6. Goodwill7. Accrued expenses8. Prepaid expenses8,1438,310Item1. Property plant & equipment2. Accounts payable3. Intangible assets4. Work in process5. GoodwillCurrent Long-term Total Stockholders'Assets Liabilities Liabilities LiabilitiesEquity$13,896 $$7,6076. Accrued expenses7. Prepaid expenses8. Long-term notes payable14,606b. Which of the following would be included amount 3M's current assets?Note: Next to each item, select yes or no to indicate whether the item is a current asset or not.Current Asset◆♦◆♦♦4,7544,509◆$3,7883,2374,011c. Which of the following would be included among 3M's long-term assets?Note: Next to each item, select yes or no to indicate whether the item is a long-term asset or not.Long-term Asset◆◆◆♦◆♦8,520$6,2896,531

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Description: Constructing and Analyzing Balance Sheet Amounts from Incomplete DataSelected 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

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structing 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. Current Long-term Total Assets Current Long-term Assets Liabilities Liabilities Total Liabilities Assets $13,896 $ $7,607 ($ millions) 1999 2000 2001 $6,066 $ 6,379 Item 1. Cash and cash equivalents 8,143 8,310 2. Property plant & equipment 3. Inventory 14,606 ◆ 4,754 4,509 → $3,788 3,237 4,011 b. Which of the following would be included amount 3M's current assets? Note: Next to each item, select yes or no to indicate whether the item is a current asset or not. Current Asset 8,520 Stockholders' Equity $6,289 6,531

structing 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. Current Long-term Total Assets Current Long-term Assets Liabilities Liabilities Total Liabilities Assets $13,896 $ $7,607 ($ millions) 1999 2000 2001 $6,066 $ 6,379 Item 1. Cash and cash equivalents 8,143 8,310 2. Property plant & equipment 3. Inventory 14,606 ◆ 4,754 4,509 → $3,788 3,237 4,011 b. Which of the following would be included amount 3M's current assets? Note: Next to each item, select yes or no to indicate whether the item is a current asset or not. Current Asset 8,520 Stockholders' Equity $6,289 6,531

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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