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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current liabilities
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
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