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 |
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 $50. What is the estimated dollar amount of cash collection from the recovery of uncollectible accounts during the year of 2020?
For your answer, make sure to put the number without dollar signs ($), 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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