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A company's trial balance as of December 31, 20X20, is as follows: Account Debit (Dr) Credit (Cr) Cash $110,000 Accounts Receivable $130,000 Inventory $140,000 Prepaid

A company's trial balance as of December 31, 20X20, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$110,000
Accounts Receivable$130,000
Inventory$140,000
Prepaid Expenses$70,000
Property, Plant & Equipment$800,000
Accumulated Depreciation$130,000
Accounts Payable$150,000
Notes Payable$190,000
Common Stock$320,000
Retained Earnings$410,000
Sales Revenue$850,000
Cost of Goods Sold$400,000
Operating Expenses$220,000
Income Tax Expense$120,000
Dividends$70,000

Calculate the following:

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

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