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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Cash 80,000 Accounts Receivable 50,000 Inventory 25,000 Property, Plant, Equipment 300,000
- XYZ Corporation's balance sheet on December 31, 2023, is provided below:
| Item | Amount ($) |
|---|---|
| Cash | 80,000 |
| Accounts Receivable | 50,000 |
| Inventory | 25,000 |
| Property, Plant, Equipment | 300,000 |
| Total Assets | ? |
| Accounts Payable | 35,000 |
| Long-term Debt | 150,000 |
| Common Stock | 100,000 |
| Retained Earnings | ? |
| Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Assets.
- Determine the Retained Earnings.
- Calculate the Total Liabilities & Equity.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 1
1119048532, 978-1119048534
