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Mikey's Bar and Grill has total assets of $10 million, of which $3 million are current assets. Cash makes up 10 percent of the current
Mikey's Bar and Grill has total assets of $10 million, of which $3 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 $12.0 million, and other long-term assets have a book value of $300,000.
What is the balance of inventory and the balance of depreciation on Mikeys Bar and Grills balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.)
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