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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 240,000 Notes Payable 220,000 Accrued Expenses 100,000 Total Current

  1. XYZ Corporation's balance sheet on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable240,000
Notes Payable220,000
Accrued Expenses100,000
Total Current Liabilities?
Long-term Debt500,000
Total Liabilities?
Common Stock430,000
Retained Earnings440,000
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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