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

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.