Question - Prepare the liabilities section of the balance sheet using the following information on an Excel spreadsheet:
- 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