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A company's trial balance as of December 31, 20X2, is as follows: Account Debit (Dr) Credit (Cr) Cash $50,000 Accounts Receivable $70,000 Inventory $80,000 Prepaid

A company's trial balance as of December 31, 20X2, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$50,000
Accounts Receivable$70,000
Inventory$80,000
Prepaid Expenses$20,000
Property, Plant & Equipment$200,000
Accumulated Depreciation$30,000
Accounts Payable$60,000
Notes Payable$100,000
Common Stock$150,000
Retained Earnings$200,000
Sales Revenue$500,000
Cost of Goods Sold$300,000
Operating Expenses$100,000
Income Tax Expense$40,000
Dividends$20,000

Calculate the following:

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

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