EXERCISE 10-1
Current liabilities
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 balance sheet for Rock On Magazine Inc. on March 31, 2009.
HOW DO YOU DO THIS I NEED TO KNOW
Current liabilities:
Federal income taxes payable
Advances on magazine subscriptions
Total current liabilities
2007-12-04 13:16:21 · 2 answers · asked by mmmhmmmm 2 in Business & Finance ➔ Taxes ➔ United States
dude I just need someone to give me some steps and Ill be fine
2007-12-04 13:58:34 · update #1
Start studying so you can stop eating poo poo.
2007-12-04 16:30:01 · answer #1 · answered by Jim Kirby, CPA/PFS, CFP, CFS 3 · 0⤊ 0⤋
Have you read your accounting text? The whole chapter on liabilities? Did you reread it after you saw the question? Apparently not !! If you refuse to study or ask questions of your instructor when you do not understand do you think that having us give you the answer will make you smarter? Life gets a heck of a lot tougher once you are out of school, so don't get into the habit of being a loser.
2007-12-04 13:46:41 · answer #2 · answered by googie 7 · 1⤊ 0⤋