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XYZ Corporation's balance sheet on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 1,960,000 Notes Payable 1,940,000 Accrued Expenses 1,820,000 Total Current
- XYZ Corporation's balance sheet on December 31, 2023, is provided below:
| Item | Amount ($) |
|---|---|
| Accounts Payable | 1,960,000 |
| Notes Payable | 1,940,000 |
| Accrued Expenses | 1,820,000 |
| Total Current Liabilities | ? |
| Long-term Debt | 4,000,000 |
| Total Liabilities | ? |
| Common Stock | 4,040,000 |
| Retained Earnings | 4,050,000 |
| Total Equity | ? |
| Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Current Liabilities.
- Determine the Total Liabilities.
- Calculate the Total 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
