Bon nebo co. sold 25,000 annual subscriptions of magazine 2018 for $85 during december 2018. these new subscribers will receive monthly issues, beginning in january 2019. in addition, the business had taxable income of $840,000 during the first calendar quarter of 2019. the federal tax rate is 40%. a quarterly tax payment will be made on april 12, 2019. prepare the current liabilities section of the balance sheet for bon nebo co. on march 31, 20y9.

Current liabilities

2,125,000 unarned revenue

336,000 tax payable

2,461,000 total current liability

Explanation:

taxable income x tax-rate = tax payable

840,000 x .4 = 336,000

subscription x value = unearned revenue

25,000 x 85 = 2,125,000 unearned revenue

This amount will decrease over time, as the customers receive their magazines.

Current liabilities

2,125,000 unarned revenue

336,000 tax payable

2,461,000 total current liability

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