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 $157,000
• 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

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Name Section Date Chapter 10 Brief Exercise BE10-13 O'BRIAN INC. Balance Sheet (Partial) December 31, 2017 548 apter 10 Brief Exercise 548