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A company's trial balance as of December 31, 20X50, is as follows: Account Debit (Dr) Credit (Cr) Cash $230,000 Accounts Receivable $250,000 Inventory $260,000 Prepaid

A company's trial balance as of December 31, 20X50, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$230,000
Accounts Receivable$250,000
Inventory$260,000
Prepaid Expenses$170,000
Property, Plant & Equipment$1,800,000
Accumulated Depreciation$330,000
Accounts Payable$350,000
Notes Payable$580,000
Common Stock$720,000
Retained Earnings$960,000
Sales Revenue$2,100,000
Cost of Goods Sold$1,050,000
Operating Expenses$580,000
Income Tax Expense$320,000
Dividends$250,000

Calculate the following:

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

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