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Epsilon Ltd.'s trial balance as of December 31, 20X75, is as follows: Account Debit (Dr) Credit (Cr) Cash $420,000 Accounts Receivable $440,000 Inventory $450,000 Prepaid
Epsilon Ltd.'s trial balance as of December 31, 20X75, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $420,000 | |
Accounts Receivable | $440,000 | |
Inventory | $450,000 | |
Prepaid Expenses | $250,000 | |
Property, Plant & Equipment | $2,800,000 | |
Accumulated Depreciation | $540,000 | |
Accounts Payable | $560,000 | |
Notes Payable | $960,000 | |
Common Stock | $1,280,000 | |
Retained Earnings | $1,720,000 | |
Sales Revenue | $4,200,000 | |
Cost of Goods Sold | $2,100,000 | |
Operating Expenses | $1,160,000 | |
Income Tax Expense | $740,000 | |
Dividends | $640,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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