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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:

AccountDebit (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:

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

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