Current liabilities section of the balance sheet

Reference no: EM13257666

Rock On Magazine Co. sold 11,400 annual subscriptions of Rock Onfor $35 during December 2008. These new subscribers will receive monthly issues, beginning in January 2009. In addition, the business had taxable income of $140,000 during the first calendar quarter of 2009. The federal tax rate is35%. A quarterly tax payment will be made on April 7,2009.

Prepare the current liabilities section of the balance sheet for Rock On Magazine Co. on March 31, 2009.

(Text gives current liabilities as,$348,250.)

Reference no: EM13257666

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