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21 May, 22:58

Presented here are liability items for O'Brian Inc. at December 31, 2022. Accounts payable $157,000 FICA taxes payable $7,800 Notes payable (due May 1, 2023) 20,000 Interest payable 40,000 Bonds payable (due 2026) 900,000 Notes payable (due 2024) 80,000 Unearned rent revenue 240,000 Income taxes payable 3,500 Discount on bonds payable 41,000 Sales taxes payable 1,700Prepare the liabilities section of Desmond's balance sheet.

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  1. 22 May, 00:56
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    Current Liabilities

    Accounts payable $ 157,000

    FICA taxes payable $ 7, 800

    Notes payable (short-term) $ 20,000

    Interest payable $ 40,000

    Income tax payable $ 3,500

    Sales tax payable $ 1, 700

    Unearned revenue $ 240,000

    Total current $ 470,000

    Non Current liaiblities:

    Note payable $ 80,000

    Bonds payable (net) $ 859,000

    Total non-current $ 939,000

    Total Liabilities: $ 1,409,000

    Explanation:

    Current liabilities are those which are due within a year

    While non-current are above a year

    We must organize the liabiltiies based on how fast will they be enforceable
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