Current liabilitiesBorn Nebo Co. sold 25,000) annual subscriptions of Magazine 20XXfor$85 during December 20Y8. These new subscribers will receive monthlyissues, beginning in January 2019. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2019. The federaltax rate is 40%. A quarterly tax payment will be made on April 12, 2019.Prepare the Current liabilities section of the balance sheet for Bon NeboCo. on March 31, 20Y9.
Current liabilitiesBorn Nebo Co. sold 25,000) annual subscriptions of Magazine 20XXfor$85 during December 20Y8. These new subscribers will receive monthlyissues, beginning in January 2019. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2019. The federaltax rate is 40%. A quarterly tax payment will be made on April 12, 2019.Prepare the Current liabilities section of the balance sheet for Bon NeboCo. on March 31, 20Y9.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Current liabilities
Born Nebo Co. sold 25,000) annual subscriptions of Magazine 20XXfor
$85 during December 20Y8. These new subscribers will receive monthly
issues, beginning in January 2019. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2019. The federal
tax rate is 40%. A quarterly tax payment will be made on April 12, 2019.
Prepare the Current liabilities section of the
Co. on March 31, 20Y9.
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