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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:

AccountDebit (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:

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

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