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A company's trial balance as of December 31, 20X68, is as follows: Account Debit (Dr) Credit (Cr) Cash $340,000 Accounts Receivable $360,000 Inventory $370,000 Prepaid

A company's trial balance as of December 31, 20X68, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$340,000
Accounts Receivable$360,000
Inventory$370,000
Prepaid Expenses$230,000
Property, Plant & Equipment$2,400,000
Accumulated Depreciation$440,000
Accounts Payable$460,000
Notes Payable$800,000
Common Stock$1,000,000
Retained Earnings$1,360,000
Sales Revenue$3,400,000
Cost of Goods Sold$1,700,000
Operating Expenses$920,000
Income Tax Expense$580,000
Dividends$440,000

Calculate the following:

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

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