Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions).Current assets3M CompanyBalance Sheets (partial)Cash and cash equivalentsAccounts receivable, netInventoriesOther current assetsTotal current assetsCurrent liabilitiesScreenshotCurrent ratioWorking capital2022$$3,1803,6002,7381,932$11,450$4,8302021$1,8363,1803,0191,590Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How wouldits current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter workingcapital answer to million.)$9,625$5,887:1millionDone

Answered: Suppose the following financial data…

Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021

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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