Net World Inc sold 4800 annual subscriptions of Net World for $45 during Decembe
ID: 2376988 • Letter: N
Question
Net World Inc sold 4800 annual subscriptions of Net World for $45 during December 2003. These new subscribers will receive monthly issues, beginning in January 2004. in addition, the business had taxable income of $160,000 during the first calendar quarter of 2004. The federal tax rate is 35% a quarterly tax payment will be made on april 7,2004.
Prepare the current liabilities section on the balance sheet for net world magazine inc on march 31, 2004.
Any help would be appreciated! Slightly confused...
Explanation / Answer