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