Prepare the current liabilities section of the balancesheet, Accounting Basics

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Prepare the current liabilities section of the balancesheet

Rock On Magazine Co. sold 11,400 annual subscriptions of Rock Onfor $35 during December 2008. These new subscribers willreceive monthly issues, beginning in January 2009. Inaddition, the business had taxable income of $140,000 during thefirst calendar quarter of 2009. The federal tax rate is35%. A quarterly tax payment will be made on April 7,2009.

Prepare the current liabilities section of the balancesheet for Rock On Magazine Co. on March 31, 2009.

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Accounting Basics: Prepare the current liabilities section of the balancesheet

Reference No:- TGS0722275

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Accounting Basics: Prepare the current liabilities section of the balancesheet

Reference No:- TGS0722275

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Prepare the current liabilities section of the balancesheet

Reference No:- TGS0722275

Recent Questions Asked Accounting Basics

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Q : How much tax is saved using lifo instead of fifo costing

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