Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $576,000 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. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y9 Federal income taxes payable 576,000 X Advances on magazine subscriptions Total current liabilities Feedhack
Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $576,000 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. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y9 Federal income taxes payable 576,000 X Advances on magazine subscriptions Total current liabilities Feedhack
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 34E
Related questions
Question
Current liabilities
![Current Liabilities
Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These new subscribers will receive
monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $576,000 during the first calendar quarter of
20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9.
Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.
Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 20Y9
Federal income taxes payable
576,000 x
Advances on magazine subscriptions
Total current liabilities
Feedback
V Check My Work
Pay attention to the dates given in the exercise.
5:56 AM
31%
D -4°F
12/17/2021
F10
2$
&
4.
6.
7.
8.
R.
Y
B.
IN
M](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff79a8b2f-8cbb-4521-80cb-57561915873e%2F43e7a15f-de9f-468c-a5b7-1ce569379aa6%2Fyjpac14_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Liabilities
Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These new subscribers will receive
monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $576,000 during the first calendar quarter of
20Y9. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y9.
Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9.
Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 20Y9
Federal income taxes payable
576,000 x
Advances on magazine subscriptions
Total current liabilities
Feedback
V Check My Work
Pay attention to the dates given in the exercise.
5:56 AM
31%
D -4°F
12/17/2021
F10
2$
&
4.
6.
7.
8.
R.
Y
B.
IN
M
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Excel Applications for Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781111581565/9781111581565_smallCoverImage.gif)
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning