Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date. As at Dec 31,

The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date.

As at

Dec 31, 2020

Dec 31, 2019

Cash And Cash Equivalents

263

153

Accounts Receivables

372

215

Inventory

107

87

Prepaid expenses

2,004

23

Total Current Assets

2,746

478

Long Term Investments

2,392

594

Property Plant and Equipment, net

3,477

5,609

Goodwill

636

1,591

Intangible Assets

4,497

1,924

Other Assets

5,970

3,073

Total Assets

19,718

13,269

Accounts Payable

582

370

Current Portion of Long Term Debt

663

145

Advanced Deposits from Customers

46

11

Total Current Liabilities

1,291

526

Long Term Debt

10,619

6,854

Total Liabilities

11,910

7,380

Common Stock

7,000

5,000

Retained Earnings

808

889

Total Shareholder Equity

7,808

5,889

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?

For your answer, make sure to put the number without dollar signs ($), commas (,), periods (.), and decimal points. Again, please state the number only without dollar signs, commas, periods, and decimal points for your answer. For example, if the answer happens to be 12345, then you must simply put 12345

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Human Resource Planning Audit

Authors: Peter Reilly

1st Edition

1907766111, 978-1907766114

More Books

Students also viewed these Accounting questions

Question

1. Identify three communication approaches to identity.

Answered: 1 week ago

Question

d. Who are important leaders and heroes of the group?

Answered: 1 week ago

Question

3. Describe phases of minority identity development.

Answered: 1 week ago