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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:
Account | Debit (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:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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