Brenda’s Bar and Grill has current liabilities of $27 million. Cash makes up 10 percent of...
Brenda’s Bar and Grill has current liabilities of $27 million. Cash makes up 10 percent of the current assets and accounts receivable makes up another 40 percent of current assets. Brenda’s current ratio is 2.1 times. Calculate the value of inventory listed on the firm’s balance sheet. (Enter your answer in millions of dollars rounded to 2 decimal places.)
Homework Answers
Current ratio=current assets/current liabilities
current assets=(27*2.1)=$56.7million
Cash=(56.7*10%)=$5.67 million
AR=(56.7*40%)=$22.68 million
current assets=Cash+AR+inventory
inventory=(56.7-5.67-22.68) million
=$28.35 million.
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