Solution-Calculate the current ratio for 3m for 2009

Calculate the current ratio for 3m for 2009

Reference no: EM13531892

3M Company reported the following financial data for 2009 and 2008 (in millions).

3M COMPANY
Balance Sheet (partial)
Current assets		2009	2008
Cash and cash equivalents	$ 3,040	$1,849	$1,849
Accounts receivable, net	3,250	3,195	3,195
Inventories	2,639	3,013	3,013
Other current assets	1,866	1,541	1,541
Total current assets	$10,795	$9,598	$9,598
Current liabilities	$ 4,897	$5,839	$5,839

Instructions

(a) Calculate the current ratio for 3M for 2009 and 2008.

(b) Suppose that at the end of 2009, 3M management used $300 million cash to pay off $300 million of accounts payable. How would its current ratio change?

Reference no: EM13531892

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Calculate the current ratio for 3m for 2009

Reference no: EM13531892

Reference no: EM13531892

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