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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:

AccountDebit (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:

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

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