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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 720,000 Notes Payable 700,000 Accrued Expenses 580,000 Total Current

  1. XYZ Corporation's balance sheet on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable720,000
Notes Payable700,000
Accrued Expenses580,000
Total Current Liabilities?
Long-term Debt1,460,000
Total Liabilities?
Common Stock1,390,000
Retained Earnings1,400,000
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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