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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 22
Current liabilities
Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for $85 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $840,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6.
Prepare the current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for $85 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $840,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6.
Prepare the current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
Explanation
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Company B sold 25,000 yearly subscriptio...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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