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A company's trial balance as of December 31, 20X17, is as follows: Account Debit (Dr) Credit (Cr) Cash $100,000 Accounts Receivable $120,000 Inventory $130,000 Prepaid

A company's trial balance as of December 31, 20X17, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$100,000
Accounts Receivable$120,000
Inventory$130,000
Prepaid Expenses$60,000
Property, Plant & Equipment$700,000
Accumulated Depreciation$110,000
Accounts Payable$130,000
Notes Payable$170,000
Common Stock$280,000
Retained Earnings$360,000
Sales Revenue$750,000
Cost of Goods Sold$350,000
Operating Expenses$200,000
Income Tax Expense$100,000
Dividends$60,000

Calculate the following:

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

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