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Using the above trial balance, calculate the following as of or for the year ending...

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Accounting

Using the above trial balance, calculate the following as of or for the year ending 12/31/23.

(Use commas, no $ signs, no decimals.)

1. Total assets

2. Current liabilities

3. Gross profit

4. Net income

5. Retained earnings (12/31/23)

6. Total equity

image
\begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{ Trial Balance for Lee Industries for the year ending 12/31/23} \\ \hline Cash & Debit & \multicolumn{1}{|c|}{ Credit } \\ \hline Accounts receivable & 50,000 & \\ \hline Allowance for doubtful accounts & 25,000 & 6,000 \\ \hline Inventory & 45,000 & \\ \hline Prepaid expense & 5,000 & \\ \hline Equipment & 300,000 & 80,000 \\ \hline Accumulated depreciation & & 20,000 \\ \hline Accounts payable & & 5,000 \\ \hline Salaries payable & & 200,000 \\ \hline Note payable (due on 1/31/24) & & 25,000 \\ \hline Common stock & & 47,000 \\ \hline Retained earnings (12/31/22) & 15,000 & 275,000 \\ \hline Sales revenues & 60,000 & \\ \hline Sales discounts & 12,000 & \\ \hline Cost of goods sold & 5,000 & \\ \hline Salaries expense & & \\ \hline Rent expense & & \\ \hline Depreciation expense & & \\ \hline Gain on sale of equipment & & \\ \hline Interest expense & & \\ \hline Totals & & \\ \hline \end{tabular}

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