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Brenda's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10% of the current assets and accounts receivable make up another 40% of current assets. Brenda's gross plant and equipment have a book value of $15.5 million and other long-term assets have a book value of $400,000. What is the balance of inventory and the balance of depreciation on Brenda's Bar and Grill's balance sheet?

Brenda's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10% of the current assets and accounts receivable make up another 40% of current assets. Brenda's gross plant and equipment have a book value of $15.5 million and other long-term assets have a book value of $400,000. What is the balance of inventory and the balance of depreciation on Brenda's Bar and Grill's balance sheet?

FINANCIAL ACCOUNTING
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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Brenda's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10% of the current assets and accounts receivable make up another 40% of current assets. Brenda's gross plant and equipment have a book value of $15.5 million and other long-term assets have a book value of $400,000. What is the balance of inventory and the balance of depreciation on Brenda's Bar and Grill's balance sheet?
Transcribed Image Text:Brenda's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10% of the current assets and accounts receivable make up another 40% of current assets. Brenda's gross plant and equipment have a book value of $15.5 million and other long-term assets have a book value of $400,000. What is the balance of inventory and the balance of depreciation on Brenda's Bar and Grill's balance sheet?
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