Question
For each item below, identify the amount (if any) that would be reported as a liability on Mike, Inc.s fiscal year-end balance sheet at May
For each item below, identify the amount (if any) that would be reported as a liability on Mike, Inc.s fiscal year-end balance sheet at May 31, 20X9. a. Mike, Inc. agreed to purchase materials for its new line of running shoes in June 20X9. b. Mike, Inc. signed a 60-day 9% note for $150,000 on May 12, 20X9 to finance its seasonal working capital needs. Principal and interest are due on July 11, 20X9. c. Mike, Inc. owes $180,000 at year-end for inventory purchases. d. Mike, Inc. received a $250,000 deposit from Foot Locker for an order on the new line of running shoes that will be ready for shipment in September 20X9?
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