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ABC Corporation's balance sheet on December 31, 2023, is as follows: Item Amount ($) Accounts Payable 500,000 Notes Payable 480,000 Accrued Expenses 360,000 Total Current

  1. ABC Corporation's balance sheet on December 31, 2023, is as follows:
ItemAmount ($)
Accounts Payable500,000
Notes Payable480,000
Accrued Expenses360,000
Total Current Liabilities?
Long-term Debt1,020,000
Total Liabilities?
Common Stock950,000
Retained Earnings960,000
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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