On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales were $95,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $5,000 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage. Label all figures.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.