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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Ski World Magazine Inc. sold 5,200 annual subscriptions of Ski World for $50 each during December 2006. These new subscribers will receive monthly issues, beginning in January 2007. In addition, the business had taxable income of $225,000 during the first calendar quarter of 2007. The federal tax rate is 35%. A quarterly tax payment will be made on April 7, 2007.
Prepare the Current Liabilities section of the balance sheet for Ski World Magazine Inc. on March 31, 2007. Ignore deferred taxes.
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