Current Liabilities By the Month Inc. sold 16,000 annual magazine subscriptions for $60 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015 By the Month Inc. issued a $181,200, 180-day, 5% note payable on December 1, 2014, On March 31, 2015, By the Month Inc. had accounts payable of $26,200 and accrued wages payable of $6,200 Prepare the Current Liabilities section of the balance sheet for By the Month Inc. on March 31, 2015 Do not round intermediate calculations and round your final answers to the nearest dollar. (Assume 360 days in a year.) By the Month Inc. Current Liabilities Section of the Balance Sheet March 31, 2015 Current liabilities: Accounts payable Accrued wages payable: Accrued interest payable Notes payable Advances on magazine subscriptions Total current liabilities 26.200 6,200 x 101.200 Ok My Work Liabilities that are expected to be paid within one year are presented in the Current Liabilities section of the balance sheet. To calculate how much liability remains on the subscriptions income received in advance, the number of annual subscnptions should be multiplied with the price and partial year remaining in unfilled subscriptions Previous Next