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