CALCULATOR PRINTER VERSION BACK NEXT Exercise 10-17 (Part Level Submission) Supp

Question

CALCULATOR PRINTER VERSION BACK NEXT Exercise 10-17 (Part Level Submission) Suppose 3M Company reported the following financial data for 2017 and 2016 (in millions) 3M COMPANY Balance Sheet (partial) 2017 2016 Current assets Cash and cash equivalents $2,970 $1,820 3,020 3,120 2,820 1,470 $10,180 $9,230 $5,169 Accounts receivable, net 2,520 1,670 Other current assets Total current assets Current liabilities $4,479 Calculate the current ratio for 3M for 2017 and 2016. (Round answers to 2 decimal places, e.g. 1.25:1) 2017 2016 Current ratio LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

(a) Current ratio = Current assets / Current liabilities

2017:

Current ratio = $10,180 / $4,479 = 2.27

2018:

Current ratio = $9,230 / $5,169 = 1.79

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