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Sagot :
Total advance received = 30000 annual subscription x $ 105 = $ 3,150,000
Revenue earned till 31 Mar (for 3 months) = $ 3150000 x 3/12 = $ 787,500
Advances on magazine subscription on 31 Mar = $ 3150000 – 787500 = $ 2,362,500
Current Liabilities Section of Balance Sheet
March 31, 20Y6
Current liabilities:
Advances on magazine subscriptions
$ 2,362,500
Federal income taxes payable ($970000 x 40%)
$ 388,000
Total current liabilities
$ 2,750,500
a mag is a periodical booklet, usually posted on a ordinary agenda (frequently weekly or month-to-month), containing a diffusion of content. they may be normally financed through advertising, purchase charge, pay as you go subscriptions, or via a mixture of the 3. inside the technical feel a magazine has non-stop pagination during a extent. consequently business Week, which starts every trouble anew with web page one, is a magazine, however the magazine of business verbal exchange, which keeps the equal collection of pagination all through the coterminous yr, is a magazine. some professional or exchange publications are also peer-reviewed, as an example the journal of Accountancy. Non-peer-reviewed instructional or expert publications are typically professional magazines.
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