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Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615 Exercise 54
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. 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.
Explanation
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Prepare the current liabilities section ...
Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
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