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A company's trial balance as of December 31, 20X32, is as follows: Account Debit (Dr) Credit (Cr) Cash $150,000 Accounts Receivable $170,000 Inventory $180,000 Prepaid

A company's trial balance as of December 31, 20X32, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$150,000
Accounts Receivable$170,000
Inventory$180,000
Prepaid Expenses$110,000
Property, Plant & Equipment$1,200,000
Accumulated Depreciation$210,000
Accounts Payable$230,000
Notes Payable$340,000
Common Stock$480,000
Retained Earnings$640,000
Sales Revenue$1,350,000
Cost of Goods Sold$650,000
Operating Expenses$400,000
Income Tax Expense$200,000
Dividends$150,000

Calculate the following:

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

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