Balance Sheets Assignment
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
Show work on the Part 3 Excel spreadsheet.
Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet located on p. 575 of Financial Accounting:
• How many shares of common stock are outstanding?
• Assuming there is a stated value, what is the stated value of the common stock?
• What is the par value of the preferred stock?
• If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
• If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
Use the Part 4 Excel spreadsheet and submit with your answers. You must also submit the answers with discussion on the topic for the 1,050 word requirement via MS Word in APA format .