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A company's trial balance as of December 31, 20X65, is as follows: Account Debit (Dr) Credit (Cr) Cash $320,000 Accounts Receivable $340,000 Inventory $350,000 Prepaid
A company's trial balance as of December 31, 20X65, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $320,000 | |
Accounts Receivable | $340,000 | |
Inventory | $350,000 | |
Prepaid Expenses | $220,000 | |
Property, Plant & Equipment | $2,300,000 | |
Accumulated Depreciation | $420,000 | |
Accounts Payable | $440,000 | |
Notes Payable | $760,000 | |
Common Stock | $960,000 | |
Retained Earnings | $1,280,000 | |
Sales Revenue | $3,200,000 | |
Cost of Goods Sold | $1,600,000 | |
Operating Expenses | $880,000 | |
Income Tax Expense | $540,000 | |
Dividends | $420,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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