Presented here are liability items for O'Brian Inc. at December 31, 2020. Prepare the liabilities section of
Question:
Presented here are liability items for O'Brian Inc. at December 31, 2020. Prepare the liabilities section of O'Brian's balance sheet.?
Accounts payable Notes payable (due May 1, 2020) Bonds payable (due 2024) Unearned rent revenue Discount on bonds payable $157,000 FICA taxes payable 20,000 Interest payable Notes payable (due 2022) 80,000 900,000 Income taxes payable 240,000 Sales taxes payable 41,000 $ 7,800 40,000 3,500 1,700
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OBRIAN INC Balance Sheet Partial December 31 2020 Current liabili...View the full answer
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, 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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