If the estimated rate of gross profit is 45%, what is the estimated cost of the merchandise inventory on June 30, based on the following data? June 1 Merchandise inventory June 1-30 Purchases (net) June 1-30 Sales (net) $ 100,000 180,000 90,000 $ 214,500 $245,500 $ 230,500 $240,000 On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Oct. 1 Merchandise Inventory Oct. 1-31 Purchases (net) Oct. 1-31 Sales (net) Cost $50,000 100,000 Retail $75,000 125,000 80,000 $70,000 $80,000 $90,000 $ 100,000 A 60-day, 10% note for $26,000, dated Dec. 15, is received from a customer on account. The face amount of the note is $26,000 $28,600 $2,600 $26,800 Question 12 0.8 pts A $2,000, 60-day, 12% note recorded on July 21 is not paid by the maker at maturity. The journal entry to recognize this event is debit Accounts Receivable, $2,000; credit Notes Receivable, $80; credit Interest Revenue, $80 debit Accounts Receivable, $2,000; credit Notes Receivable, $2,000; Oo oo debit Accounts Receivable, $2,040; credit Notes Receivable, $2,000; credit Interest Revenue, $40 none of the other answers are correct A 60-day, 12% note for $48,000, dated June 8, is received from a customer. The interest due at maturity is $960 $1,080 $906 $480 Question 14 0.7 pts After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $100,000 and Allowance for Bad Debts has a balance of $10,000. What is the net realizable value of the accounts receivable? $100,000 $10,000 $90,000 $110,000