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A company's trial balance as of December 31, 20X11, is as follows: Account Debit (Dr) Credit (Cr) Cash $80,000 Accounts Receivable $100,000 Inventory $110,000 Prepaid

A company's trial balance as of December 31, 20X11, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$80,000
Accounts Receivable$100,000
Inventory$110,000
Prepaid Expenses$40,000
Property, Plant & Equipment$450,000
Accumulated Depreciation$70,000
Accounts Payable$90,000
Notes Payable$120,000
Common Stock$200,000
Retained Earnings$250,000
Sales Revenue$550,000
Cost of Goods Sold$250,000
Operating Expenses$130,000
Income Tax Expense$65,000
Dividends$40,000

Calculate the following:

  1. Gross Profit
  2. Total Assets
  3. Total Liabilities
  4. Total Equity

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