Prepare liabilities section of obrians balance sheet

Assignment Help Financial Accounting
Reference no: EM131668826

Assignment

Financial Accounting: Tools for Business Decision Making

Prepare the liabilities section of O'Brians 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

Use the Excel Workbook (provided with the assignment instructions) to show the supporting calculations and the liabilities section (partial balance sheet). Present the liabilities section of the partial balance sheet in accordance with the information presented in Chapter 10.

Attachment:- Balance Sheet.xls

Verified Expert

Using the excel template provided, and the instructions for the assignment, the partial balance sheet is prepared. The partial balance sheet includes liabilities section and has been appropriately provided in the excel attached with supporting calculations. The liabilities include accounts payable, notes payable, bonds payable, unearned revenue, taxes payable, etc.

Reference no: EM131668826

Questions Cloud

Rational buyers and no deceptive advertising : Nevertheless, the total unit sales at her store have increased slightly during this time period. Assuming rational buyers and no deceptive advertising?
Key components of gdp : Investment expenditure is one of the key components of GDP (expenditure method). lack of investors confidence in the recent years is alleged
Change in equilibrium gdp : Suppose the government increases expenditures by ?$70 billion and the marginal propensity to consume is 0.60. By how will equilibrium GDP? change?
Change in equilibrium gdp : Suppose the government increases expenditures by ?$70 billion and the marginal propensity to consume is 0.60. By how will equilibrium GDP? change?
Prepare liabilities section of obrians balance sheet : Prepare the liabilities section of O'Brians balance sheet - Present the liabilities section of the partial balance sheet in accordance
What is the slack time in each department : Kelson Sporting Equipment, Inc., makes two types of baseball gloves: a regular model and a catcher's model. The firm has 900 hours of production time available.
What must have been the reason of dis-satisfaction of : a) What must have been the reason of dis-satisfaction of employees regarding this decision? b) Why the reasons employees are resist change in the organization? c) If you were CEO / Chairman of this development bank, what would have been your approach..
Change in equilibrium gdp : Suppose the government increases expenditures by ?$70 billion and the marginal propensity to consume is 0.60. By how will equilibrium GDP? change?
Recommend which of the two sites ccf should choose : a) Recommend which of the two sites CCF should choose for its new meat processingfactory. Justifyyour answer with an analysis of the data in Table 1 and other relevant information. b) Discuss the importance to CCF of corporate social responsibility w..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the journal entry to record pension expense

Kleinfeld Manufacturing sponsors a defined-benefit pension plan. The corporation’s actuary provides the following information about the plan. Prepare a pension worksheet for 2014 in EXCEL. Include in the worksheet the calculation of pension expense, ..

  Company for shares in acquiring corporation

Which of the following is NOT an advantage that can be obtained by using ITA 85.1 in a situation where a diverse group of shareholders will exchange their shares in one company for shares in an acquiring corporation?

  What is the present worth of the bonus package

A small internet company plans to offer its employees a salary enhancement package which has revenue sharing as its main component. Specifically, the company will set aside 1% of total sales for yearend bonuses for all of its employees. The sales are..

  Different to statutory income and exempt income

Describe how it is different to statutory income and exempt income and determining whether a fringe benefit

  Self-supporting and dependent of his parents

In 2015, David, a single 18-year old taxpayer, received a salary of $3,600 and interest income of $1,800. He had $600 in itemized deductions. Calculate David’s taxable income assuming he is (a) self-supporting and (b) a dependent of his parents

  Compute taxable income and income taxes payable

South Carolina Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $64,100 in 2015, $70,160 in 2016, and $76,179 in 2017. Compute taxable income and income taxes payable for 2014. Prepare the jou..

  Making an investment decision in corporations stock

For analysts and the financial press, earnings per share are the most frequently cited and reported measure of a company's performance. What is the reason to report EPS in the income statement of all publicly traded firms? What is the variable that c..

  An adjusting entry to convert an asset to expense consists

One element that is NOT part of the standard cost is. An adjusting entry to convert an asset to expense consists of

  How much would profits increase

Assume that there are 2,000 hours available on the cutting machine and that the demand for each product is 15,000 units. If one more hour of machine time could be obtained, how much would profits increase?

  Compute depreciation charged for each of the years

The expected useful life of the asset is 4 years. Depreciation is charged using sum-of digit method.

  Prepare portion of the income statement beginning

Prepare portion of the income statement beginning with "income from continuing operations before income tax" for the yr ended December 31, 2004

  The information about the unnecessary time pressure

Audit standards require successor auditors to attempt to communicate with the predecessor before accepting an audit engagement. Audit standards require successor auditors to attempt communication with the predecessor auditors. What step did Rich Fort..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd