The Liabilities Section of O’Brian’s Balance SheetPurpose

The Liabilities Section of O’Brian’s Balance Sheet

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.


Addition instruction

Class –

A couple of notes on this assignment:

1 – This paper does not require a written analysis, you only need to submit the Excel sheet.

2 – Remember that the notes payable must be recorded in the short and long term liabilities section.

3 – Lastly, the discount on the bonds payable should be shown as a direct deduction from the bonds payable.

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