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A company's trial balance as of December 31, 20X26, is as follows: Account Debit (Dr) Credit (Cr) Cash $130,000 Accounts Receivable $150,000 Inventory $160,000 Prepaid

A company's trial balance as of December 31, 20X26, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$130,000
Accounts Receivable$150,000
Inventory$160,000
Prepaid Expenses$90,000
Property, Plant & Equipment$1,000,000
Accumulated Depreciation$170,000
Accounts Payable$190,000
Notes Payable$260,000
Common Stock$400,000
Retained Earnings$520,000
Sales Revenue$1,100,000
Cost of Goods Sold$500,000
Operating Expenses$300,000
Income Tax Expense$160,000
Dividends$100,000

Calculate the following:

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

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