%24Current LiabilitiesBon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $45during December 20Y5. These new subscribers will receivemonthly issues, beginning in January 20Y6. In addition, thebusiness had taxable income of $340,000 during the first calendarquarter of 20Y6. The federal tax rate is 35%. A quarterly taxpayment will be made on April 12, 20Y6.Prepare the "nt liabilities" section of the balance sheet forBon Nebo Co. on March 31, 20Y6.Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6Current liabilities:Advances on magazine subscriptions $Federal income taxes payableTotal current liabilities

Current liabilities section of Bon Nebo Co is as under:

Current Liabilities Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $ during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $340,000 during the first cale quarter of 20Y6. The federal tax rate is 35%. A quarterly tax

Current Liabilities Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $ during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $340,000 during the first cale quarter of 20Y6. The federal tax rate is 35%. A quarterly tax

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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