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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
Accounts receivable, net
3,250
3,195
Inventories
2,639
3,013
Other current assets
1,866
1,541
Total current assets
$10,795
$9,598
Current liabilities
$ 4,897
$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?
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