At December 31,2020,ABCCompanys assetssare $¢5,500and equity $3000 .what are the liabilitiesfor ABC companys at December 31 2020
A $500
B $1000
C 2500
D $2000
To find 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 the 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, are $2,500.
The answer is C) $2,500.