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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]



Answer :

GinnyAnswer
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.

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