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ABC Corporation's balance sheet on December 31, 2023, is as follows: Item Amount ($) Accounts Payable 280,000 Notes Payable 260,000 Accrued Expenses 140,000 Total Current

  1. ABC Corporation's balance sheet on December 31, 2023, is as follows:
ItemAmount ($)
Accounts Payable280,000
Notes Payable260,000
Accrued Expenses140,000
Total Current Liabilities?
Long-term Debt580,000
Total Liabilities?
Common Stock510,000
Retained Earnings520,000
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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