ACC 291 Week 3 Assignment The Liabilities Section of O ’ Brian ’ s Balance Sheet
ACC 291 Week 3 Assignment The Liabilities Section of O ’ Brian ’ s Balance Sheet
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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 ( due 2019 ) $ 80,000
· Income taxes payable $ 3,500
· Sales taxes payable $ 1,700 The Liabilities Section of O ’ Brian ’ s balance sheet must be 525 words . Show work on the Week 3 Excel ® spreadsheet .