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