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A company's trial balance as of December 31, 20X47, is as follows: Account Debit (Dr) Credit (Cr) Cash $200,000 Accounts Receivable $220,000 Inventory $230,000 Prepaid

A company's trial balance as of December 31, 20X47, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$200,000
Accounts Receivable$220,000
Inventory$230,000
Prepaid Expenses$160,000
Property, Plant & Equipment$1,700,000
Accumulated Depreciation$310,000
Accounts Payable$330,000
Notes Payable$540,000
Common Stock$680,000
Retained Earnings$900,000
Sales Revenue$2,000,000
Cost of Goods Sold$1,000,000
Operating Expenses$560,000
Income Tax Expense$300,000
Dividends$240,000

Calculate the following:

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

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