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Current liabilities Bon Nebo Co. sold 13,500 annual subscriptions of Bjorn for $42 during December...

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Accounting

Current liabilities

Bon Nebo Co. sold 13,500 annual subscriptions of Bjorn for $42 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $356,000 during the first calendar quarter of 20Y6. The federal tax rate is 35%. 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.

Line Item Description Amount
Current liabilities:
Advances on magazine subscriptions $Advances on magazine subscriptions
Federal income taxes payable Federal income taxes payable
Total current liabilities $Total current liabilities

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