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Alex's Restaurant has total assets of $20 million, of which $14 million are current assets. Cash makes up 15% of the current assets and accounts receivable make up another 35% of current assets. Alex's gross plant and equipment have a book value of $18 million and other long-term assets have a book value of $500,000. What is the balance of inventory and the balance of depreciation on Alex's Restaurant's balance sheet?

Alex's Restaurant has total assets of $20 million, of which $14 million are current assets. Cash makes up 15% of the current assets and accounts receivable make up another 35% of current assets. Alex's gross plant and equipment have a book value of $18 million and other long-term assets have a book value of $500,000. What is the balance of inventory and the balance of depreciation on Alex's Restaurant's balance sheet?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 12PA: Garcia Co. owns equipment that costs $76,800, with accumulated depreciation of $40,800. Garcia sells...
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Alex's Restaurant has total assets of $20 million, of which $14 million are current assets. Cash makes up 15% of the current assets and accounts receivable make up another 35% of current assets. Alex's gross plant and equipment have a book value of $18 million and other long-term assets have a book value of $500,000. What is the balance of inventory and the balance of depreciation on Alex's Restaurant's balance sheet?
Transcribed Image Text:Alex's Restaurant has total assets of $20 million, of which $14 million are current assets. Cash makes up 15% of the current assets and accounts receivable make up another 35% of current assets. Alex's gross plant and equipment have a book value of $18 million and other long-term assets have a book value of $500,000. What is the balance of inventory and the balance of depreciation on Alex's Restaurant's balance sheet?
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