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A company's trial balance as of December 31, 20X58, is as follows: Account Debit (Dr) Credit (Cr) Cash $280,000 Accounts Receivable $300,000 Inventory $310,000 Prepaid
A company's trial balance as of December 31, 20X58, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $280,000 | |
Accounts Receivable | $300,000 | |
Inventory | $310,000 | |
Prepaid Expenses | $200,000 | |
Property, Plant & Equipment | $2,100,000 | |
Accumulated Depreciation | $380,000 | |
Accounts Payable | $400,000 | |
Notes Payable | $680,000 | |
Common Stock | $860,000 | |
Retained Earnings | $1,140,000 | |
Sales Revenue | $2,600,000 | |
Cost of Goods Sold | $1,300,000 | |
Operating Expenses | $700,000 | |
Income Tax Expense | $420,000 | |
Dividends | $300,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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