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The balance sheet of ABC Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 690,000 Notes Payable 670,000 Accrued Expenses 550,000

  1. The balance sheet of ABC Ltd. on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable690,000
Notes Payable670,000
Accrued Expenses550,000
Total Current Liabilities?
Long-term Debt1,400,000
Total Liabilities?
Common Stock1,330,000
Retained Earnings1,340,000
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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