Jerrys Convenience Store Adjusted Trial Balance December 31, 2022 Dr Cr Cash$ 67,500 Accounts receivable 46,000 Allowance for Doubtful Accounts 2,000 Merchandise Inventory 60,000 Office Supplies 2, 800 Accounts Payable 16,000 Salaries Payable.. 850 Common Stock .. 20,000 Retained Earnings . 60, 630 Sales 550,000 Sales returns & allowance.. 4,500 Sales discounts

. 4,250 Cost of goods sold. 382,450 Salaries expense 44,000 Advertising Expense 8,150 Rent Expense 24,325 Other operating expense.. 450 Interest expense. 5,055 0 TOTALS $649,480 $649, 480 Requirement: Using the Adjusted Trial Balance above answer the following questions (25 points): 1. What is the amount of net sales? 2 points 541,250 2. What is the amount of total assets? 2 points 3. What is the amount of total liabilities? 2 points 4. What is the amount of net assets? 2 points 5. What is the amount of Retained Earnings after the closing entries have been posted? 3 pts 6. What is the amount of gross profit? 2 points 7. What is the amount of total expenses? 2 points