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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:
Account | Debit (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:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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