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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:

AccountDebit (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:

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

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