At December 31,2020,ABC Company's assets are $5,500 and equity $3,000. what are the liabilities for ABC Company's at December 31, 2020 ?
To calculate the liabilities for ABC Company at December 31, 2020, we can use the accounting equation:
Assets = Liabilities + Equity
Given that the assets are $5,500 and equity is $3,000, we can rearrange the equation to solve for liabilities:
Liabilities = Assets - Equity
Liabilities = $5,500 - $3,000
Liabilities = $2,500
Therefore, the liabilities for ABC Company at December 31, 2020, amount to $2,500.