Presented here are liability items for OBrian Inc. at December 31, 2022. Prepare the liabilities section of
Question:
Presented here are liability items for O’Brian Inc. at December 31, 2022. Prepare the liabilities section of O’Brian’s balance sheet.
FICA taxes payable Interest payable Notes payable (due 2024) Income taxes payable Sales taxes payable Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned rent revenue Discount on bonds payable $ 7,800 40,000 $157,000 20,000 80,000 3,500 900,000 240,000 41,000 1,700 on
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OBRIAN INC Balance Sheet Partial December 31 2022 Current lia...View the full answer
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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