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A company's trial balance as of December 31, 20X62, is as follows: Account Debit (Dr) Credit (Cr) Cash $300,000 Accounts Receivable $320,000 Inventory $330,000 Prepaid

A company's trial balance as of December 31, 20X62, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$300,000
Accounts Receivable$320,000
Inventory$330,000
Prepaid Expenses$210,000
Property, Plant & Equipment$2,200,000
Accumulated Depreciation$400,000
Accounts Payable$420,000
Notes Payable$720,000
Common Stock$900,000
Retained Earnings$1,200,000
Sales Revenue$3,000,000
Cost of Goods Sold$1,500,000
Operating Expenses$800,000
Income Tax Expense$500,000
Dividends$400,000

Calculate the following:

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

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