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Accounting help please! Question 6 4.5 pts On June 1, Haimes Company spent $200,000 to purchase 250,000 coffee mugs to sell at its retail store.
Accounting help please!
Question 6 4.5 pts On June 1, Haimes Company spent $200,000 to purchase 250,000 coffee mugs to sell at its retail store. During the year, Haimes Company recorded the following sales of coffee mugs: Month June July August September October November December Mugs solds 16,000 35,000 2,000 31,000 46,000 47,000 40,000 Selling price per mug $2.00 $2.50 $3.00 $2.00 $3.00 $4.00 $3.50 Calculate the gross profit earned by Haimes Company for the months August through November. The following account balances were taken from ABC Company's accounting records at December 31, 2022: Accounts Payable ............ Accounts Receivable ........ Advertising Expense ........ Building ............. Cash ............... Common Stock ........ Cost of Goods Sold ........ Dividends .......... Equipment Income Tax Expense. Interest Revenue Inventory .......... Notes Payable ...... Rent Expense ........ Retained Earnings ..... Salaries Expense Sales Revenue .... Trademark .......... Unearned Revenue .......... Utilities Expense ........... Utilities Payable ........... $56,000 $69,000 $33,000 $94,000 $31,000 $82,000 $30,000 $10,000 $86,000 $17,000 $62,000 $54,000 $96,000 $11,000 $80,000 (at January 1, 2022) $25,000 $99,000 $42,000 $36,000 $22,000 $13,000 ABC Company has not yet recorded year-end adjusting entries related to the following two items: (1) Salaries earned by employees which have not yet been paid by ABC Company totaled $15,000. (2) The unearned revenue relates to a $36,000 payment from a customer received on July 1, 2022 for work to be performed each month for the next 16 months. Calculate the total liabilities reported in ABC Company's balance sheet at December 31, 2022 after all appropriate adjusting entries have been recorded and postedStep by Step Solution
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