Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2016. These new

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Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2017. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 2017.

Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 2017.

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Accounting

ISBN: 978-1285743615

26th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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