Liabilities Section

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

Prepare the liabilities section of O’Brian’s balance sheet using the following information: 

Accounts payable $157,000

Notes payable (due May 1, 2018) $20,000 

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 

Show work on the Week 3 Excel® spreadsheet.

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

Ch 10 Brief Ex Continued

Name

Chapter 10 Brief Exercise

Section

Date

BE10-13

O’BRIAN INC.

Balance Sheet (Partial)

December 31, 2017

548