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The balance sheet of ABC Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 1,970,000 Notes Payable 1,950,000 Accrued Expenses 1,830,000

  1. The balance sheet of ABC Ltd. on December 31, 2023, is provided below:
ItemAmount ($)
Accounts Payable1,970,000
Notes Payable1,950,000
Accrued Expenses1,830,000
Total Current Liabilities?
Long-term Debt4,020,000
Total Liabilities?
Common Stock4,060,000
Retained Earnings4,070,000
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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