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Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $57 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6.
Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $57 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $684,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. 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 Sheet | |
March 31, 20Y6 | |
Current liabilities: | |
Advances on magazine subscriptions | $ |
Federal income taxes payable | |
Total current liabilities | $ |
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