New Wave Co. sold 14,500 annual subscriptions to Game Life for $54 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $492,000 during the first calendar quarter of 2017. The federal tax rate is 40%. Quarterly tax payments will be made on April 7, 2017. Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2017.

New Wave Co. sold 14,500 annual subscriptions to Game Life for $54 in December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had a taxable income of $492,000 during the first calendar quarter of 2017. The federal tax rate is 40%. Quarterly tax payments will be made on April 7, 2017. Prepare the Current Liabilities section of the balance sheet for New Wave Co. on March 31, 2017.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...

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Bon Nebo Co. sold 12,000 annual subscriptions of Bjorn for $44 during December 2015. These new subscribers will receive monthly issues, beginning in January 2016. In addition, the business had taxable income of $332,000 during the first calendar quarter of 2016. The federal tax rate is 38 %. A quarterly tax payment will be made on April 12, 2016. Prepare the "Current liabilities" section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 2016 Line Item Description Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities Amount 1000
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Bon Nebo Co. sold 11,500 annual subscriptions of Bjorn for $60 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $436,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the “Current liabilities” section of the balance sheet for Bon Nebo Co. on March 31, 20Y6. Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y6 Line Item Description Amount Current liabilities: Advances on magazine subscriptions $Advances on magazine subscriptions Federal income taxes payable Federal income taxes payable Total current liabilities $Total current liabilities
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