Common-sized Balance Sheet (Cont'd) LIABILITIES AND EQUITY Liabilities Accounts payable $ 52,500 % Short-term notes payable 11,000 Total current liabilities 63,500 % Long-term debt 210,000 Total liabilities 273,500 % Equity Common stock $ 480,000 % Retained earnings 406,300 Total equity $ 886,300 % Total liabilities and equity 1,159,800 100%