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Business
Accounting
annual New Wave Co. sold 16,000 subscriptions of Game Life for $63 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $636,000 during the first calendar quarter of 2017. The federal tax rate is 38%. Quarterly tax payments will be made on April 7, 2017. Prepare the current liabilities section of the balance sheet for New Wave Co. on March 31, 2017.

annual New Wave Co. sold 16,000 subscriptions of Game Life for $63 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $636,000 during the first calendar quarter of 2017. The federal tax rate is 38%. Quarterly tax payments will be made on April 7, 2017. Prepare the current liabilities section of the balance sheet for New Wave Co. on March 31, 2017.

FINANCIAL ACCOUNTING
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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annual New Wave Co. sold 16,000 subscriptions of Game Life for $63 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $636,000 during the first calendar quarter of 2017. The federal tax rate is 38%. Quarterly tax payments will be made on April 7, 2017. Prepare the current liabilities section of the balance sheet for New Wave Co. on March 31, 2017.
Transcribed Image Text:annual New Wave Co. sold 16,000 subscriptions of Game Life for $63 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $636,000 during the first calendar quarter of 2017. The federal tax rate is 38%. Quarterly tax payments will be made on April 7, 2017. Prepare the current liabilities section of the balance sheet for New Wave Co. on March 31, 2017.
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