The following is the statement of financial position for MGCR Corp. The company has a December...
Fantastic news! We've Found the answer you've been seeking!
Question:
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/64faab59e232f_1694192641724.jpg)
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/64faab7c6d30f_1694192676315.jpg)
Transcribed Image Text:
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?
Expert Answer:
Answer rating: 100% (QA)
To calculate the total sales revenue amount reported on MGCR Corps income statement for the year end... View the full answer
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
Posted Date:
Students also viewed these accounting questions
-
Summary of " Environmental impacts and decarbonization strategies in the cement and concrete industries" through structural Engineering perspective. ( The role of structural engineers in achieving...
-
The consolidated statement of financial position for MIC as at 31 March 2009 and its comparative for 2008 are shown below: The consolidated income statement for MIC for the year ended 31 March 2009...
-
Allen and Meagan, aged 53 and 48, have 3 children, aged 11, 13 and 18. They live in their own home, which is jointly owned. The family home is currently worth $695,000, against which there is a...
-
List 5 Business Uses of Location Analytics? In what way a business can use location data?
-
Fill in the missing information in the following tables. For each table, use the information provided to identify a possible trade. Then identify the final allocation and a possible value for the MRS...
-
Which of the following is an accurate general statement about good ideas in the business world? a. Newer employees are not expected to contribute fresh ideas. b. Many good ideas pass unnoticed or are...
-
Lee Caterers Ltd is about to make an investment in new kitchen equipment. It is considering whether to replace its existing kitchen equipment with cook/freeze or cook/chill technology. The following...
-
A manufacturer of a new pain relief tablet would like to demonstrate that its product works twice as fast as the competitors product. Specifically, the manufacturer would like to test Where μ1 is...
-
Tall Trees, Inc. is using the net present value (NPV) when evaluating projects. You have to find the NPV for the companys project, assuming the companys cost of capital is 9.16 percent. The initial...
-
Michael and Jeanette Boyds Tax Return Michael D. and Jeanette S. Boyd live with their family at the Rock Glen House Bed & Breakfast, which Michael operates. The Bed & Breakfast (B&B) is...
-
After reading Chapters 6, 8, and 9, review the questions below. Choose and post your response to one (1) question. Then review and reply to at least one(1) classmate who posted their response to a...
-
1. Define a person-centered model of care in LTC facilities. 2. Describe two leadership behaviors and two leadership qualities most conducive to moving long-term care organizations toward more...
-
question 5 all parts 8+0.5 = 4. Consider a system with a lead compensator Ge(s) = +0.13 followed by a plant G(s) = 10 Determine a value for a gain K on the error signal such that the phase margin...
-
3- Define and describe, in detail, the various communication styles as they relate to negotiation and conflict resolution. Compare the advantages and disadvantages of the styles. Provide a detailed...
-
SJ Corp ahs the following data for 2020: RM, beginning of 5,000; Purchases of raw materials is 50,000; return of defective raw materials to suppliers of 4,000; return of direct materials from the...
-
A company is issuing $340,000 worth of 4-year bonds on October 8, 2023, bearing an interest rate of 2%, payable annually. Assume that the current market rate of interest is 3%. a) Will the bonds be...
-
Ouestion 1 Andy was the President of Topical Inc., a pharmaceutical company which was developing a pain relieving medical cream. All clinical trials had been completed over a three (3) year peliod...
-
What are three disadvantages of using the direct write-off method?
-
Practical Company had sales of $315,000 for the year. The company reported accounts receivable of $30,000 at the end of last year and $34,000 at the end of this year. Practicals cost of goods sold...
-
Pharma Shop Ltd. was a mid-sized public company that had been in operation for many years. On December 31, 2015, it had an unlimited number of common shares authorized and 5.2 million shares issued...
-
Describe the owners legal liability and the taxation of income in the following forms of business: corporation, proprietorship and partnership.
-
E19.4. Z-Scoring (Easy) Below are ratios for some of the firms that have appeared in this book, for their 1998 fiscal year. Working Retained Capital Earnings Earnings before Interest and Taxes Market...
-
Fruit of the Loom Ltd. fared poorly from 1997 to 1999. Between April 1997 and October. 1999, its stock price dropped from $38 to $3, a 92 percent loss in market value. Fruit of the Loom manufactures...
-
CI9.9. What is a default strategy?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App