The following is the statement of financial position for MGCR Corp. The company has a December...

 

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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. 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 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 Dec 31, 2020 263 372 107 2,004 2,746 2,392 3,477 636 4,497 5,970 19,718 582 663 46 1,291 10,619 11,910 7,000 808 7,808 Dec 31, 2019 153 215 87 23 478 1,594 3,609 591 2,924 4,073 13,269 370 145 11 526 6,854 7,380 5,000 889 5,889 Assume that the half of all sales made to customers by the company is on account. Also assume that the total amount of cash received from the settlements of accounts receivables was 1,847 for the fiscal year of 2020. Under these two assumptions, what is the total sales revenue amount that should be reported on MGCR Corp's income statement for the year ended on December 31, 2020? The following is the statement of financial position for MGCR Corp. The company has a December 31 fiscal year end date. 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 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 Dec 31, 2020 263 372 107 2,004 2,746 2,392 3,477 636 4,497 5,970 19,718 582 663 46 1,291 10,619 11,910 7,000 808 7,808 Dec 31, 2019 153 215 87 23 478 1,594 3,609 591 2,924 4,073 13,269 370 145 11 526 6,854 7,380 5,000 889 5,889 Assume that the half of all sales made to customers by the company is on account. Also assume that the total amount of cash received from the settlements of accounts receivables was 1,847 for the fiscal year of 2020. Under these two assumptions, what is the total sales revenue amount that should be reported on MGCR Corp's income statement for the year ended on December 31, 2020?

Answer rating: 100% (QA)

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