On the inventory tracking tab, because of finding the inventory error, the updated net income for May - July is _____________. (Format your answer as $x,xxx.xx)

That’s correct! The net income for May - July is $3,009.46.

On the inventory tracking tab, because of finding the inventory error, the updated net income for August - October is ________________. (Format your answer as $x,xxx.xx)

Correct! The net income for August - September is $2,610.00.

Body and Swole check their inventory at the end of every month as part of their management system. This kind of management system is called:

Correct! A periodic inventory management system checks inventory at specific ‘periods’ of time versus perpetual systems which update immediately.

If a vendor has not paid a business for services or goods rendered, and the two parties come to an agreement regarding terms to recover the unpaid balance (including time frame and interest). That agreement is called a ___________________.

Correct! The agreement is called a Promissory Note.

What was Body and Swole’s total assets on the balance sheet at the end of July?

Correct! Body and Swole’s total assets on the balance sheet at the end of July is $37,285.

When entering a promissory note in the journal as a notes receivable, each entry for a payment received includes all of the following except:

Correct! Interest is only calculated on the remaining balance.

Body and Swole purchased $25,000 worth of equipment to open its doors. The expected life of their equipment is 5 years. Using straight line depreciation, what would they report as their equipment’s annual depreciation at the end of the year? (Format your answer as $x,xxx)

Correct! To calculate depreciation, you take the total value / expected life use. ($25,000/5=$5,000).

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