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