Homework answers / question archive / Bon Nebo Co

Bon Nebo Co

Accounting

Share With

Bon Nebo Co. sold 18,500 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 $596,000 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.

Bon Nebo Co.Current Liabilities Section of Balance SheetMarch 31, 20Y9

Federal income taxes payable ?

Advances on magazine subscriptionsfill ?

Total current liabilities ?