Brenda's Bar and Grill Has Total Assets of $17 Million

question 4

Multiple Choice

Brenda's Bar and Grill has total assets of $17 million of which $5 million are current assets. Cash makes up 12 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Brenda's gross plant and equipment has a cost value of $12 million and other long-term assets have a cost value of $1,000,000. Using this information, what are the balance of inventory and the balance of depreciation on Brenda's Bar and Grill's balance sheet?

• A) $2.4 million; $1 million
• B) $3.4 million; $2 million
• C) $1.4 million; $1 million
• D) $0.4 million; $3 million

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Definitions:

One-sample T-test

A statistical test used to compare the mean of a single sample to a known average or standard value.

Parametric Counterpart

Refers to statistical tests or models that assume a certain distribution shape for the underlying data, as opposed to non-parametric methods which do not.

Kruskal-Wallis Test

A nonparametric test used to determine if there are statistically significant differences between two or more groups of an independent variable on a continuous or ordinal dependent variable.

P-value

A statistical measure that helps scientists determine the significance of their research results, indicating the probability of observing the results if the null hypothesis is true.