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ABC Corporation Balance Sheet-Current Year ABC Corporation Balance Sheet (in $Millions) Assets Liabilities Current Year Current Year Current Assets Current Liabilities Cash $301 Accounts Payable $219 Accounts Receivable 211 Notes Payable 301 Inventory 1,008 Total $520 Total $1,520 Long-Term Debt $1,514 Fixed Assets Net Plant and Equip
| ABC Corporation Balance Sheet-Current Year | |||
| ABC Corporation | |||
| Balance Sheet (in $Millions) | |||
| Assets | Liabilities | ||
| Current Year | Current Year | ||
| Current Assets | Current Liabilities | ||
| Cash | $301 | Accounts Payable | $219 |
| Accounts Receivable | 211 | Notes Payable | 301 |
| Inventory | 1,008 | Total | $520 |
| Total | $1,520 | ||
| Long-Term Debt | $1,514 | ||
| Fixed Assets | |||
| Net Plant and Equip. | $3,534 | Total Liabilities | $2,034 |
| Total Assets | $5,104 |
Use the balance sheet for ABC Corporation.
What is the total equity of the company, in millions?
a. $2,034 million.
b. $3,548 million.
c. $3,070 million.
d. $5,104 million.
Expert Solution
Answer: c. $3,070 million.
Based on the accounting equation of Assets = Liabilities + Equity, Equity is computed as follows:
Total equity = Total assets - Total liabilities
Total equity = $5,104 million - $2,034 million
Total equity = $3,070 million
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