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A company's trial balance as of December 31, 20X41, is as follows: Account Debit (Dr) Credit (Cr) Cash $180,000 Accounts Receivable $200,000 Inventory $210,000 Prepaid

A company's trial balance as of December 31, 20X41, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$180,000
Accounts Receivable$200,000
Inventory$210,000
Prepaid Expenses$140,000
Property, Plant & Equipment$1,500,000
Accumulated Depreciation$270,000
Accounts Payable$290,000
Notes Payable$460,000
Common Stock$600,000
Retained Earnings$800,000
Sales Revenue$1,800,000
Cost of Goods Sold$900,000
Operating Expenses$500,000
Income Tax Expense$260,000
Dividends$200,000

Calculate the following:

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

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