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A company's trial balance as of December 31, 20X55, is as follows: Account Debit (Dr) Credit (Cr) Cash $260,000 Accounts Receivable $280,000 Inventory $290,000 Prepaid

A company's trial balance as of December 31, 20X55, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$260,000
Accounts Receivable$280,000
Inventory$290,000
Prepaid Expenses$190,000
Property, Plant & Equipment$2,000,000
Accumulated Depreciation$360,000
Accounts Payable$380,000
Notes Payable$640,000
Common Stock$820,000
Retained Earnings$1,100,000
Sales Revenue$2,400,000
Cost of Goods Sold$1,200,000
Operating Expenses$660,000
Income Tax Expense$380,000
Dividends$280,000

Calculate the following:

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

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