Bon Nebo Co. sold 16,500 annual subscriptions of Bjorn for $63 during December 2015. These new subscribers will receive monthly issues, beginning in January 2016. In addition, the business had taxable income of $656,000 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, 2016. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 2016 Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities x 249,250 ✓

Bon Nebo Co. sold 16,500 annual subscriptions of Bjorn for $63 during December 2015. These new subscribers will receive monthly issues, beginning in January 2016. In addition, the business had taxable income of $656,000 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, 2016. Bon Nebo Co. Current Liabilities Section of Balance Sheet March 31, 2016 Current liabilities: Advances on magazine subscriptions Federal income taxes payable Total current liabilities x 249,250 ✓

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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