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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:
Account | Debit (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:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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