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A company's trial balance as of December 31, 20X52, is as follows: Account Debit (Dr) Credit (Cr) Cash $240,000 Accounts Receivable $260,000 Inventory $270,000 Prepaid

A company's trial balance as of December 31, 20X52, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$240,000
Accounts Receivable$260,000
Inventory$270,000
Prepaid Expenses$180,000
Property, Plant & Equipment$1,850,000
Accumulated Depreciation$340,000
Accounts Payable$360,000
Notes Payable$600,000
Common Stock$760,000
Retained Earnings$1,000,000
Sales Revenue$2,200,000
Cost of Goods Sold$1,100,000
Operating Expenses$620,000
Income Tax Expense$340,000
Dividends$260,000

Calculate the following:

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

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