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Problem 2-17 Balance Sheet (LG2-1) Mikey's Bar and Grill has total assets of $15 million, of which $9 million are current assets. Cash makes up
Problem 2-17 Balance Sheet (LG2-1) Mikey's Bar and Grill has total assets of $15 million, of which $9 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 $14.5 million, and other long-term assets have a book value of $800,000. 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 milion million Problem 2-18 Balance Sheet (LG2-1) Sophie's Tobacco Shop has total assets of $93.6 million. Fifty percent of these assets are financed with debt of which $293 million is current liabilities. The firm has no preferred stock but the balance in common stock and paid-in surplus is $13.4 million What is the balance for long-term debt and retained earnings on Sophie's Tobacco Shop's balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.) Long-term debt Retained earnings million million
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