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A company's trial balance as of December 31, 20X35, is as follows: Account Debit (Dr) Credit (Cr) Cash $160,000 Accounts Receivable $180,000 Inventory $190,000 Prepaid

A company's trial balance as of December 31, 20X35, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$160,000
Accounts Receivable$180,000
Inventory$190,000
Prepaid Expenses$120,000
Property, Plant & Equipment$1,300,000
Accumulated Depreciation$230,000
Accounts Payable$250,000
Notes Payable$380,000
Common Stock$520,000
Retained Earnings$710,000
Sales Revenue$1,500,000
Cost of Goods Sold$700,000
Operating Expenses$420,000
Income Tax Expense$220,000
Dividends$170,000

Calculate the following:

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

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