Financial Accounting: Tools for Business Decision Making, Balance sheet help

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Question Description

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

The Liabilities Section of O'Brian's balance sheet must be 525 words.

Show work on the Week 3 Excel® spreadsheet.

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Name Section Date Chapter 10 Brief Exercise BE10-13 O'BRIAN INC. Balance Sheet (Partial) December 31, 2017 548 ...
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Tutor Answer

tutorcess
School: UT Austin

Hello there, I have the answer ready thanks for your patience. I am uploading two files a word doc on liabilities, and an excel file containing the balance sheet. I have also included an outline. kindly check the answers and let me know if you need any reservations. Thanks.

Name of Student 1
Name of Student
Course
Professor’s Name
2017-04-12
Liabilities
Recognition criteria
Liabilities are the obligations a company has to its business creditors. Liabilities are
all future obligations that the company must fulfil. The IASB defines liabilities as current
commitments resulting from past undertakings and whose maturation will result into an
outflow of benefits from the business (Accounting Simplified, 1). For an item to be
recognized as a liability, the IFRS framework requires that there must be an outflow of
economic benefits from the entity (Accounting Simplified, 1). Additionally, the liability must
be measurable.
Classification: liabilities a...

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Anonymous
awesome work thanks

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