The following amounts were reported on the December 31, 2022, balance sheet: Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable The current ratio at December 31, 2022 was: Multiple Choice O 1.5 6.0 3.0 $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000

The following amounts were reported on the December 31, 2022, balance sheet: Cash Land Accounts payable Bonds payable Merchandise inventory Retained earnings Buildings and equipment, net of accumulated depreciation Accounts receivable Common stock Wages payable The current ratio at December 31, 2022 was: Multiple Choice O 1.5 6.0 3.0 $ 8,000 20,000 15,000 120,000 30,000 80,000 180,000 22,000 40,000 5,000

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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Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to Text
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