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A company's trial balance as of December 31, 20X38, is as follows: Account Debit (Dr) Credit (Cr) Cash $170,000 Accounts Receivable $190,000 Inventory $200,000 Prepaid

A company's trial balance as of December 31, 20X38, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$170,000
Accounts Receivable$190,000
Inventory$200,000
Prepaid Expenses$130,000
Property, Plant & Equipment$1,400,000
Accumulated Depreciation$250,000
Accounts Payable$270,000
Notes Payable$420,000
Common Stock$560,000
Retained Earnings$750,000
Sales Revenue$1,600,000
Cost of Goods Sold$800,000
Operating Expenses$480,000
Income Tax Expense$250,000
Dividends$190,000

Calculate the following:

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

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