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Mikey's Bar and Grill has total assets of $24 million, of which $18 million are current assets. Cash makes up 10 percent of the current
Mikey's Bar and Grill has total assets of $24 million, of which $18 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 $19.0 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 Mikey's Bar and Grill's balance sheet? Note: Enter your answers in millions of dollars rounded to 1 decimal place. (i.e., Enter 5,500,000 as 5.5.)
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