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

Preparethe liabilities section of O'Brian's balance sheet using the following information:

Accounts payable $157,000Notes 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

Usethe ExcelWorkbook (provided with the assignment instructions) to show the supporting calculations and the liabitiies section (partial balance sheet). Present the liabilities section of the partial balance sheet in accordance with the information presented in Chapter 10.

Note: This assignment requires that you only submit an ExcelWorkbook file. There are no written or APA guideline requirements.