Question

Carabiner Co. sold 28,000 annual magazine subscriptions for $40 during December 2012. These new subscribers will receive monthly issues, beginning in January 2013. In addition, the business had taxable income of $130,000 during the first calendar quarter of 2013. The federal tax rate is 40%. A quarterly tax payment will be made on April 15, 2013.
Prepare the Current Liabilities section of the balance sheet for Carabiner Co. on March 31, 2013.




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  • CreatedFebruary 04, 2014
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