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The balance sheet of XYZ Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 670,000 Notes Payable 650,000 Accrued Expenses 530,000

  1. The balance sheet of XYZ Ltd. on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable670,000
Notes Payable650,000
Accrued Expenses530,000
Total Current Liabilities?
Long-term Debt1,360,000
Total Liabilities?
Common Stock1,290,000
Retained Earnings1,300,000
Total Equity?
Total Liabilities & Equity?

Requirements:

  1. Calculate the Total Current Liabilities.
  2. Determine the Total Liabilities.
  3. Calculate the Total Equity.

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