By the Month Inc. sold 12,500 annual magazine subscriptions for $50 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. By the Month Inc. issued a $98,000, 180–day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, By the Month Inc. had accounts payable of $28,800 and accrued wages payable of $6,100. Prepare the Current Liabilities section of the balance sheet for By the Month Inc. on March 31, 20Y5. Do not round intermediate calculations and round your final answers to the nearest dollar. (Assume 360 days in a year.) By the Month Inc. Current Liabilities Section of the Balance Sheet March 31, 20Y5 Current liabilities: Accounts payable $fill in the blank 2 Accrued wages payable fill in the blank 4 Accrued interest payable fill in the blank 6 Notes payable fill in the blank 8 Advances on magazine subscriptions fill in the blank 10 Total current liabilities $fill in the blank 11
By the Month Inc. sold 12,500 annual magazine subscriptions for $50 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. By the Month Inc. issued a $98,000, 180–day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, By the Month Inc. had accounts payable of $28,800 and accrued wages payable of $6,100. Prepare the Current Liabilities section of the balance sheet for By the Month Inc. on March 31, 20Y5. Do not round intermediate calculations and round your final answers to the nearest dollar. (Assume 360 days in a year.) By the Month Inc. Current Liabilities Section of the Balance Sheet March 31, 20Y5 Current liabilities: Accounts payable $fill in the blank 2 Accrued wages payable fill in the blank 4 Accrued interest payable fill in the blank 6 Notes payable fill in the blank 8 Advances on magazine subscriptions fill in the blank 10 Total current liabilities $fill in the blank 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Liabilities
By the Month Inc. sold 12,500 annual magazine subscriptions for $50 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. By the Month Inc. issued a $98,000, 180–day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, By the Month Inc. had accounts payable of $28,800 and accrued wages payable of $6,100.
Prepare the Current Liabilities section of the
| By the Month Inc. | |
| Current Liabilities Section of the Balance Sheet | |
| March 31, 20Y5 | |
| Current liabilities: | |
| Accounts payable | $fill in the blank 2 |
| Accrued wages payable | fill in the blank 4 |
| Accrued interest payable | fill in the blank 6 |
| Notes payable | fill in the blank 8 |
| Advances on magazine subscriptions | fill in the blank 10 |
| Total current liabilities | $fill in the blank 11 |
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