kiinnel, Accounting, 6e Home Read, Study & Practice Assignment Gradebook ORION D

Question

kiinnel, Accounting, 6e Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook ASSIGNMENT Exercise 10-17 Suppos e 3M Company reported 3M COMPANY Balance Sheet (partial) 2017 2016 Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets $3,030 $1,880 3,080 3,180 2,580 2,880 1,730 1,530 $10,420 $9,470 $5,002 $5,777 Total current assets Current liabilities Calculate the current ratio for 3M for 2017 and 2016. (Round answers to 2 decimal places, e.g. 1.25:1) Review Score Review Results by 2017 2016 ip

Explanation / Answer

Current ratio = Current assets / Current liabilties

1.

2.

2017 2016 Current assets $ 10,420 $ 9,470 Current liabilities $    5,002 $ 5,777 Current ratio 2.08 1.64

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