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ABC Corporation's balance sheet on December 31, 2023, is as follows: Item Amount ($) Accounts Payable 940,000 Notes Payable 920,000 Accrued Expenses 800,000 Total Current
- ABC Corporation's balance sheet on December 31, 2023, is as follows:
Item | Amount ($) |
---|---|
Accounts Payable | 940,000 |
Notes Payable | 920,000 |
Accrued Expenses | 800,000 |
Total Current Liabilities | ? |
Long-term Debt | 1,900,000 |
Total Liabilities | ? |
Common Stock | 1,940,000 |
Retained Earnings | 1,950,000 |
Total Equity | ? |
Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Current Liabilities.
- Determine the Total Liabilities.
- Calculate the Total Equity.
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