Question

Presented here are liability items for Marin Inc. at December 31, 2022. Accounts payable Notes payable (due May 1, 2023) Bonds payable (due 2026) Unearned rent revenue Discount on bonds payable $141,300 FICA taxes payable $7,020 18,000 Interest payable 36,000 810,000 Notes payable (due 2024) 72,000 216,000 Income taxes payable 3,150 36,900 Sales taxes payable 1,530 Prepare the liabilities section of Marin's balance sheet. MARIN INC. Balance sheet (Partial)

Answer 1

Solution

Marin Inc

Marin Inc
Balance Sheet (Partial)
As of December 31, 2022
Current Liabilities
Accounts Payable		$141,300
Notes Payable		$18,000
Unearned Rent Revenue		$216,000
Interest Payable		$36,000
Employee Benefits Payable		$7,020
Income Tax Payable		$3,150
Sales Tax Payable		$1,530
Total Current Liabilities		$423,000
Long-term Liabilities
Bonds Payable (due 2026)	$810,000
Less: discount on bonds payable	$36,900	$773,100
Notes Payable (due 2024)		$72,000
Total long-term liabilities		$845,100
Total Liabilities		$1,268,100