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ABC Corporation's balance sheet on December 31, 2023, is as follows: Item Amount ($) Accounts Payable 2,020,000 Notes Payable 2,000,000 Accrued Expenses 1,880,000 Total Current
- ABC Corporation's balance sheet on December 31, 2023, is as follows:
| Item | Amount ($) |
|---|---|
| Accounts Payable | 2,020,000 |
| Notes Payable | 2,000,000 |
| Accrued Expenses | 1,880,000 |
| Total Current Liabilities | ? |
| Long-term Debt | 4,120,000 |
| Total Liabilities | ? |
| Common Stock | 4,160,000 |
| Retained Earnings | 4,170,000 |
| Total Equity | ? |
| Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Current Liabilities.
- Determine the Total Liabilities.
- Calculate the Total Equity.
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Management and Cost Accounting
Authors: Colin Drury
8th edition
978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
