Rock On Magazine Co. sold 11,400 annual subscriptions of Rock On for $35 during December 2008. These

Question:

Rock On Magazine Co. sold 11,400 annual subscriptions of Rock On for $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 is 35%. A quarterly tax payment will be made on April 7, 2009.
Prepare the Current Liabilities section of the for Rock On Magazine Co. on March 31, 2009.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...