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Question 25 (1 point) The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date.
Question 25 (1 point) The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date. Dec 31, 2019 153 215 87 As at Cash And Cash Equivalents Accounts Receivables Inventory Prepaid expenses Total Current Assets Long Term Investments Property Plant and Equipment, net Goodwill Intangible Assets Other Assets Dec 31, 2020 263 372 107 2,004 2,746 2,392 3,477 636 4,497 5,970 23 478 594 5,609 1,591 1,924 3,073 19,718 13,269 370 582 663 145 11 46 Total Assets Accounts Payable Current Portion of Long Term Debt Advanced Deposits from Customers Total Current Liabilities Long Term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder Equity 1,291 10,619 11,910 7,000 808 7,808 526 6,854 7,380 5,000 889 5,889 25. "Accounts Receivables" above represent the net realizable value of Accounts receivable. During the year of 2020, MGCR Corp. had cash sales of $50,000 and credit sales of $5,000. The cash collection from customers subsequent to credit sales transactions was $4,700 during the year of 2020. The amount of bad debt expenses on the income statement for the year ended on December 31, 2020 was $100. The write-off amount of accounts receivable during the year of 2020 was $50. What is the estimated dollar amount of cash collection from the recovery of uncollectible accounts during the year of 2020
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