Current Liabilities

Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2017. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 2017.

Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 2017.

Bon Nebo Co.
Current Liabilities Section of Balance Sheet
March 31, 2017
Current liabilities:
Federal income taxes payable	$
Advances on magazine subscriptions
Total current liabilities	$