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The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company. 

The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company.Â

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) $20,000Â
  • 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 $1,700Â

Show work on the Week 3 Excel spreadsheet.

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