Please need answer annualNew Wave Co. sold 16,000subscriptions of Game Life for $63 in December2016. These new subscribers will receivemonthly issues, beginning in January 2017. Inaddition, the business had a taxable income of$636,000 during the first calendar quarter of2017. The federal tax rate is 38%. Quarterly taxpayments will be made on April 7, 2017.Prepare the current liabilities section of thebalance sheet for New Wave Co. on March 31,2017.

Explanation of Current Liabilities:Current liabilities are financial obligations a company must pay…

Answered: annual New Wave Co. sold 16,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $44 during December 2015. These new subscribers will receive monthly issues, beginning in January 2016. In addition, the business had taxable income of $332,000 during the first calendar quarter of 2016. The federal tax rate is 38 %. A quarterly tax payment will be made on April 12, 2016. Prepare the "Current liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 2016 Line Item Description Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities Amount 1000
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Bon Nebo Co. sold 11,500 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $436,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Line Item Description Amount Current liabilities: Advances on magazine subscriptions $Advances on magazine subscriptions Federal income taxes payable Federal income taxes payable Total current liabilities $Total current liabilities
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities
Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $63 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $516,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Current liabilities: Advances on magazine subscriptions __________ Federal income taxes payable __________ Total current liabilities _____________
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Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during Decem-ber 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $840,000 during the first calendar quarter of 20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9. Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.
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On May 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in 12 months. Nees has a December 31 year-end. Calculate the amount of interest revenue Nees will report in its 2021 and 2022 income statements. a. 2021 = $300; 2022 = $600.b. 2021 = $600; 2022 = $300.c. 2021 = $900; 2022 = $0.d. 2021 = $0; 2022 = $900.
The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2025. Classical's products carry a one-year warranty against manufacturer’s defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.8 million (all credit) for 2024. Actual warranty expenditures were $31,600 and were recorded as warranty expense when incurred. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of credit sales will eventually prove uncollectible. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $2.3 million in penalties. Classical is the plaintiff in a $4.8 million lawsuit filed against a supplier. The…
The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2025. Classical's products carry a one-year warranty against manufacturer’s defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2.5 million (all credit) for 2024. Actual warranty expenditures were $40,000 and were recorded as warranty expense when incurred. Although no customer accounts have been shown to be uncollectible, Classical estimates that 3% of credit sales will eventually prove uncollectible. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $2.0 million in penalties. Classical is the plaintiff in a $4.5 million lawsuit filed against a supplier. The…

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