Patty's Pet Shop had the following transactions for Year 1, the first year of operations: 1) Borrowed $50,000 from the bank. 2) Purchased merchandise on account, $44,000, terms 1/10, n/30. 3) Sold merchandise on account for $51,000. The inventory sold had a cost of $28,000. 4) Paid for the merchandise purchased within the discount period. 5) Collected $41,500 on the merchandise sold on account. 6) Paid operating expense of $17,000. 7) Recognized accrued interest expense of $2,000.

Required: a) What are total assets at the end of Year 1?_____________________________________ b) What is the balance of the cash account at the end of Year 1?______________________ c) What is gross margin for Year 1?______________________________________________ d) What is operating income for Year 1?__________________________________________ e) What is net income for Year 1?_______________________________________________ f) What are total liabilities at the end of Year 1?____________________________________ g) What is total retained earnings at the end of Year 1?______________________________