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A firm receives a six-month note from a customer. The note has a face amount of $4,000 and an interest rate of nine percent. What is the total amount of interest to be received? Select one: $1,080 $30 $360 $180 Question 12 Not yet answered Marked out of 1.00 P Flag question Smith & Sons reports the following data at year-end: Net sales $100,000 Cost of goods sold 60,000 Net income 20,000 Using the data from Question 8, calculate the company's return on sales ratio. Select one: 40 percent 80 percent 60 percent 20 percent Question 13 Not yet answered Marked out of 1.00 P Flag question Smith & Sons began the period with $10,000 in inventory. The company also purchased $20,000 of inventory and returned $2,000 for a full credit. A physical count of the inventory at year-end revealed $15,000 of inventory on hand. What was the company's cost of goods sold for the period? Select one: $13,000 $30,000 $32,000 $28,000 Question IU Not yet answered M arked out of 1.00 Flag question Smith & Sons has accounts receivable of $100,000 and a debit balance of $100 in the allowance for doubtful accounts. Fifty percent of the accounts receivable are current and fifty percent are past due. The company estimates that one percent of the current accounts and five percent of the past due accounts will prove uncollectible. The adjusting entry to provide for the bad debt expense under the aging method should be for what amount? Support Select one: 0 $2,900 $3,100 $5,100 $4,900 OOO Question 17 Not yet answered Marked out of 1.00 P Flag question Smith & Sons has net sales of $50,000, a beginning balance in accounts receivable of $5,000, and an ending balance in accounts receivable of $7,000. What is the company's accounts receivable turnover? Select one: 10.0 6.0 o 8.3 o 7.1

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