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A company's trial balance as of December 31, 20X23, is as follows: Account Debit (Dr) Credit (Cr) Cash $120,000 Accounts Receivable $140,000 Inventory $150,000 Prepaid
A company's trial balance as of December 31, 20X23, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $120,000 | |
Accounts Receivable | $140,000 | |
Inventory | $150,000 | |
Prepaid Expenses | $80,000 | |
Property, Plant & Equipment | $900,000 | |
Accumulated Depreciation | $150,000 | |
Accounts Payable | $170,000 | |
Notes Payable | $220,000 | |
Common Stock | $360,000 | |
Retained Earnings | $470,000 | |
Sales Revenue | $950,000 | |
Cost of Goods Sold | $450,000 | |
Operating Expenses | $260,000 | |
Income Tax Expense | $140,000 | |
Dividends | $80,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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