Zahn Inc. sold 18,000 annual magazine subscriptions for $63 during December 2014. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $179,000, 180-day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, Zahn Inc. had accounts payable of $25,000 and accrued wages payable of $6,000. Prepare the Current Liabilities section of the balance sheet for Zahn Inc. on March 31, 20Y5.

Zahn Inc. sold 18,000 annual magazine subscriptions for $63 during December 2014. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $179,000, 180-day, 5% note payable on December 1, 20Y4. On March 31, 20Y5, Zahn Inc. had accounts payable of $25,000 and accrued wages payable of $6,000. Prepare the Current Liabilities section of the balance sheet for Zahn Inc. on March 31, 20Y5.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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