An adjusted trial balance at 31 December 2022 for a toy manufacturer is given as follows:

Debit Credit

$ $

Accounts receivable 295 000 Accounts payable 120 000 Property, plant and equipment 1 000 000 Accumulated depreciation 400 000 Income tax payable 40 000 Revenue received in advance 10 000 Prepaid expenses 20 000 Accrued wages 25 000 Inventory 200 000 Cash 60 000 Accrued revenue 20 000 Long-term debt 100 000 Share capital 700 000 Retained profits at 1 January 2022 150 000 Sales 800 000 Cost of goods sold 500 000 Depreciation expense 20 000 Other operating expenses 150 000 Income tax expense 80 000 2 345 000 2 345 000 1 In the balance sheet, prepared at 31 December 2022:

a What would be the balance of total current assets?

b What would be the balance of total current liabilities?

c What would be the balance of total noncurrent assets?

d What would be the closing balance of retained profit?

2 What was the balance of the accumulated depreciation account at 31 December 2021, assuming no property, plant and equipment was disposed of during the year?