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Beta Corporation's trial balance as of December 31, 20X72, is as follows: Account Debit (Dr) Credit (Cr) Cash $400,000 Accounts Receivable $420,000 Inventory $430,000 Prepaid
Beta Corporation's trial balance as of December 31, 20X72, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $400,000 | |
Accounts Receivable | $420,000 | |
Inventory | $430,000 | |
Prepaid Expenses | $240,000 | |
Property, Plant & Equipment | $2,600,000 | |
Accumulated Depreciation | $500,000 | |
Accounts Payable | $520,000 | |
Notes Payable | $900,000 | |
Common Stock | $1,200,000 | |
Retained Earnings | $1,600,000 | |
Sales Revenue | $4,000,000 | |
Cost of Goods Sold | $2,000,000 | |
Operating Expenses | $1,100,000 | |
Income Tax Expense | $700,000 | |
Dividends | $600,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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