Problemprepare the liabilities section of obrians balance, Ask an Expert

Accounting

Problem

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 240000
discount on bonds payable 41000
FICA taxes payable 7800
interest payable 40000
notes payable (due 2019) 80000
income taxes payable 3500
sales taxes payable 1700

What order should the current and long term liabilities be listed and if the due dates play a factor in the order?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92798600

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