Answered

Get the best answers to your questions with the help of IDNLearn.com's experts. Join our Q&A platform to get accurate and thorough answers to all your pressing questions.

Using the balance sheet, calculate XYZ Company's liabilities.

\begin{tabular}{|l|r|l|l|}
\hline \multicolumn{4}{|c|}{ XYZ Company - Balance Sheet } \\
\hline \multicolumn{2}{|c|}{ Assets } & \multicolumn{2}{c|}{ Liabilities } \\
\hline Cash & [tex]$\$[/tex] 35,000[tex]$ & Notes & $[/tex]\[tex]$ 45,000$[/tex] \\
\hline Inventory & [tex]$\$[/tex] 41,000[tex]$ & Wages & $[/tex]\[tex]$ 56,000$[/tex] \\
\hline Property & [tex]$\$[/tex] 124,000[tex]$ & & \\
\hline & & & \\
\hline & & \multicolumn{2}{|c|}{ Owner's Equity } \\
\hline & & Stock & $[/tex]\[tex]$ 50,000$[/tex] \\
\hline & & Investment & [tex]$\$[/tex] 49,000[tex]$ \\
\hline
\end{tabular}

Liabilities $[/tex]=\[tex]$[?]$[/tex]

Sagot :

GinnyAnsweridn
To calculate the total liabilities of XYZ Company based on the balance sheet information, we need to sum up all the individual liabilities listed. Here, we are provided with two types of liabilities:

1. Notes
2. Wages

From the balance sheet, we have:
- Notes: \[tex]$45,000 - Wages: \$[/tex]56,000

We can calculate the total liabilities by adding these two amounts:

[tex]\[ \text{Total Liabilities} = \text{Notes} + \text{Wages} \][/tex]

Substituting the values:

[tex]\[ \text{Total Liabilities} = \$45,000 + \$56,000 \][/tex]

Summing these amounts:

[tex]\[ \text{Total Liabilities} = \$101,000 \][/tex]

Therefore, XYZ Company's total liabilities amount to \$101,000.
We value your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. Thank you for choosing IDNLearn.com. We’re committed to providing accurate answers, so visit us again soon.