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The balance sheet of ABC Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 1,290,000 Notes Payable 1,270,000 Accrued Expenses 1,150,000
- The balance sheet of ABC Ltd. on December 31, 2023, is provided below:
Item | Amount ($) |
---|---|
Accounts Payable | 1,290,000 |
Notes Payable | 1,270,000 |
Accrued Expenses | 1,150,000 |
Total Current Liabilities | ? |
Long-term Debt | 2,600,000 |
Total Liabilities | ? |
Common Stock | 2,640,000 |
Retained Earnings | 2,650,000 |
Total Equity | ? |
Total Liabilities & Equity | ? |
Requirements:
- Calculate the Total Current Liabilities.
- Determine the Total Liabilities.
- Calculate the Total Equity.
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