Harvey's Hamburger Stand Has Total Assets of $3 Million of Which

question 51

Multiple Choice

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

---

Definitions:

Homosexual Orientation

A sexual orientation characterized by a romantic or sexual attraction to individuals of one's own sex.

Heterosexual

A sexual orientation characterized by an attraction to individuals of the opposite sex.

Bisexual

Pertaining to being sexually attracted to both men and women.

Asexual

An orientation describing individuals who do not experience sexual attraction towards others, regardless of gender.