Mikey's Bar and Grill has total assets of $14 million, of which $8 million are current assets. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Mikey's gross plant and equipment has a book value of $14.0 million, and other long- term assets have a book value of $700,000. What is the balance of Inventory and the balance of depreciation on Mikey's Bar and Grill's balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.) Inventory Depreciation million million

Mikey's Bar and Grill has total assets of $14 million, of which $8 million are current assets. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Mikey's gross plant and equipment has a book value of $14.0 million, and other long- term assets have a book value of $700,000. What is the balance of Inventory and the balance of depreciation on Mikey's Bar and Grill's balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.) Inventory Depreciation million million

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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