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Assignment
Purpose of Assignment
The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making
Prepare the liabilities section of O'Brian's balance sheet using the following information:
• Accounts payable $157,000• Notes payable (due May 1, 2018) $20,000 • Bonds payable (due 2021) $900,000• Unearned rent revenue $240,000• Discount on bonds payable $41,000• FICA taxes payable $7,800• Interest payable $40,000• Notes payable (due 2019) $80,000• Income taxes payable $3,500• Sales taxes payable $1,700
The Liabilities Section of O'Brian's balance sheet must be 525 words.
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