Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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:
Account | Debit (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:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started