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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:

AccountDebit (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:

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

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