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Prepare the current liabilities section of the balance sheet

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Problem - Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These new subscribers will receive monthly issues, beginning in January 20Y9. In addition, the business had taxable income of $840,000 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.

Reference no: EM132795064

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