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Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M Company Balance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $ 3,008 $1,899 Accounts receivable, net 3,110 3,065 Inventories 2,675 3,017 Other current assets 1,890 1,542 Total current assets $10,683 $9,523 Current liabilities $ 4,974 $5,821 (a) Calculate the current ratio and working capital for 3M for 2019 and 2020.

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Answer:

Current ratio  = Current Assets / Current Liability

Current ratio 2019   = 9,523 / 5,821

Current ratio 2019   = 1.64 : 1

Current ratio 2020 =  10,683 / 4,974

Current ratio 2020 =  2.15 : 1

Working Capital = Current asset - Current liability

Working capital 2019 = $9,523 - $5,821

Working capital 2019 = $3,702

Working capital 2020 = $10,683 -  $4,974

Working capital 2020 = $5,709

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