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Iota Ltd.'s trial balance as of December 31, 20X78, is as follows: Account Debit (Dr) Credit (Cr) Cash $440,000 Accounts Receivable $460,000 Inventory $470,000 Prepaid
Iota Ltd.'s trial balance as of December 31, 20X78, is as follows:
Account | Debit (Dr) | Credit (Cr) |
---|---|---|
Cash | $440,000 | |
Accounts Receivable | $460,000 | |
Inventory | $470,000 | |
Prepaid Expenses | $260,000 | |
Property, Plant & Equipment | $3,000,000 | |
Accumulated Depreciation | $580,000 | |
Accounts Payable | $600,000 | |
Notes Payable | $1,040,000 | |
Common Stock | $1,360,000 | |
Retained Earnings | $1,800,000 | |
Sales Revenue | $4,400,000 | |
Cost of Goods Sold | $2,200,000 | |
Operating Expenses | $1,220,000 | |
Income Tax Expense | $780,000 | |
Dividends | $680,000 |
Calculate the following:
- Gross Profit
- Total Assets
- Total Liabilities
- Total Equity
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