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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Cash 90,000 Accounts Receivable 60,000 Inventory 35,000 Property, Plant, Equipment 350,000
- XYZ Corporation's balance sheet on December 31, 2023, is provided below:
| Item | Amount ($) |
|---|---|
| Cash | 90,000 |
| Accounts Receivable | 60,000 |
| Inventory | 35,000 |
| Property, Plant, Equipment | 350,000 |
| Total Assets | ? |
| Accounts Payable | 40,000 |
| Long-term Debt | 200,000 |
| Common Stock | 80,000 |
| Retained Earnings | ? |
| Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Assets.
- Determine the Retained Earnings.
- Calculate the Total Liabilities & Equity.
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
