Current Liabilities Bon Nebo Co. sold 11,500 annual subscriptions of Magazine 20XX for $51 during...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Current Liabilities
Bon Nebo Co. sold 11,500 annual subscriptions of Magazine 20XX for $51 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $368,000 during the first calendar quarter of 20Y9. The federal tax rate is 40%. 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.
| Federal income taxes payable | $fill in the blank 1 |
| Advances on magazine subscriptions | fill in the blank 2 |
| Total current liabilities | $fill in the blank 3 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.