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A company's trial balance as of December 31, 20X8, is as follows: Account Debit (Dr) Credit (Cr) Cash $70,000 Accounts Receivable $90,000 Inventory $100,000 Prepaid

A company's trial balance as of December 31, 20X8, is as follows:

AccountDebit (Dr)Credit (Cr)
Cash$70,000
Accounts Receivable$90,000
Inventory$100,000
Prepaid Expenses$30,000
Property, Plant & Equipment$350,000
Accumulated Depreciation$45,000
Accounts Payable$80,000
Notes Payable$110,000
Common Stock$160,000
Retained Earnings$210,000
Sales Revenue$450,000
Cost of Goods Sold$220,000
Operating Expenses$110,000
Income Tax Expense$55,000
Dividends$35,000

Calculate the following:

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

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