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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
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 23 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 5,970 478 594 5,609 1,591 1,924 3,073 19,718 13,269 Total Assets 582 370 663 46 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 7,000 808 145 11 526 6,854 7,380 5,000 889 5,889 7,808 24. Assume that accounts payable are only related to the credit purchase of inventory. Three quarters of the inventory purchase are made on account during the fiscal year of 2020. Also assume that the estimated amount of the total inventory that was sold to customers during the fiscal year of 2020 was $400. How much cash did MGCR Corp pay to settle the obligation arising from accounts payable during the fiscal year of 2020
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