Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $720,000 during the first calendar quarter of 20Y9. The federal tax rate is 38%. A quarterly tax payment will be made on April 12, 20Y9. Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y9 Federal income taxes payable Advances on magazine subscriptions Total current liabilities

Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $720,000 during the first calendar quarter of 20Y9. The federal tax rate is 38%. A quarterly tax payment will be made on April 12, 20Y9. Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y9. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 20Y9 Federal income taxes payable Advances on magazine subscriptions Total current liabilities

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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