Question
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
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