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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.

FINANCIAL ACCOUNTING
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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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.
Transcribed Image Text: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.
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