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bagirrra123 [75]
3 years ago
6

Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2014. These new subscribers will receive mon

thly issues, beginning in January 2015. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2015. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 2015.
Prepare the Current Liabilities section of the balance sheet for Bon Nebo Co. on March 31, 2015.
Business
1 answer:
Crank3 years ago
8 0

Answer:

Current Liabilities

Federal Income Taxes Payable $336,000

Advances on Magazine Subscriptions $1,593,750

Total Current Liabilities $1,929,750

Explanation:

Federal Income Taxes Payable

This is a current Liability as it falls under a period of a year. As March ends the first quarter, the quarterly tax is;

= 840,000 x 40%

= $336,000

Advances on Magazine Subscriptions

They are to deliver monthly subscriptions for 12 months to the tune of 25,000 copies which they have already been paid for. Under the Accrual system they cannot recognize this as revenue until they have fulfilled their obligation to deliver the magazines and until then, they are current Liabilities. As of end of March, they have fulfilled their obligations for 3 months leaving 9 in the year.

= 25,000 x $85 x 9/12

=$1,593,750

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When the price of candy bars is $1.00, the quantity demanded is 500 per day. When the price falls to $0.80, the quantity demande
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Answer:

The demand for candy bars is inelastic

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The midpoint rule calculate the price elasticity of demand as percentage change in quantity divided by the percentage change in price:

<u>% change in quantity </u>

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