Question
Mikey's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10 percent of the current
Mikey's Bar and Grill has total assets of $17 million, of which $11 million are current assets. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Mikeys gross plant and equipment has a book value of $15.5 million. And other long term assets have a book value of $400,00.
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)
inventor_____ million
depreciation ______ million
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