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presented here are liability items for marin inc. at december 31, 2025. accounts payable $321,850 fica taxes payable $15,990 notes payable (due may 1, 2026) 41,000 interest payable 82,000 bonds payable (due 2029) 1,845,000 notes payable (due 2027) 164,000 unearned rent revenue 492,000 income taxes payable 7,175 discount on bonds payable 84,050 sales taxes payable 3,485
Prepare the liabilities section of Marin's balance sheet

Answer :

Balance Sheet (Partial)    

December 31, 2022    

Current Liabilities:    

Accounts payable 141300  

Notes payable 18000  

Unearned rent revenue 216000  

FICA taxes payable 7020  

Interest payable 36000  

Income taxes payable 3150  

Sales taxes payable 1530  

Total Current Liabilities   423000

Long-term Liabilities(Non-Current):    

Bonds payable 810000  

Less: Discount on bonds payable 36900 773100

Notes payable    72000

Total Long-term Liabilities(Non-Current)   845100

Total Liabilities   1268100

Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether nearby, nearby, or country-wide. Tax sales finance authorities sports, inclusive of public works and services consisting of roads and colleges, or programs consisting of Social security and Medicare.

The position of taxes is to help governments fund numerous undertakings including public works, infrastructure, and wars. nowadays, taxpayer greenbacks are still used for an expansion of comparable purposes.

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