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The balance sheet of ABC Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 2,300,000 Notes Payable 2,280,000 Accrued Expenses 2,150,000

  1. The balance sheet of ABC Ltd. on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable2,300,000
Notes Payable2,280,000
Accrued Expenses2,150,000
Total Current Liabilities?
Long-term Debt4,660,000
Total Liabilities?
Common Stock4,700,000
Retained Earnings4,710,000
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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