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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 260,000 Notes Payable 240,000 Accrued Expenses 120,000 Total Current

  1. XYZ Corporation's balance sheet on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable260,000
Notes Payable240,000
Accrued Expenses120,000
Total Current Liabilities?
Long-term Debt540,000
Total Liabilities?
Common Stock470,000
Retained Earnings480,000
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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