Balance Sheet Harvey's Hamburger Stand Has Total Assets of $3

question 97

Multiple Choice

Balance Sheet Harvey's Hamburger Stand has total assets of $3 million of which $1 million are current assets.Cash makes up 20 percent of the current assets and accounts receivable makes up another 5 percent of current assets.Harvey's gross plant and equipment has a book value of $1.5 million and other long-term assets have a book value of $1 million.Using this information,what is the balance of inventory and the balance of depreciation on Harvey's Hamburger Stand's balance sheet?

• A)$250,000, $500,000
• B)$250,000, $1 million
• C)$750,000, $500,000
• D)$750,000, $1 million

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Definitions:

Supine Position

Lying on the back with the face upward, a position commonly used in medical examinations or procedures.

Cerebrum

The largest part of the brain, responsible for higher brain functions, including thought, action, and sensory processing.

Cerebellum

A region of the brain that plays an important role in motor control, and can also contribute to cognitive functions such as attention and language.

Hypothalamus

A region of the brain responsible for hormone production and regulation, influencing many critical bodily functions, including temperature and hunger.