Practice More Questions From: Assets in Accounting Case Study Quiz
Q:
Body and Swole made __________ in net income from May 1 – July 31.
Q:
What was the total COGS for Body and Swole on the trial balance?
Q:
What was the total COGS for Body and Swole on the trial balance?
Q:
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)
Q:
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:
Q:
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 ___________________.
Q:
What was Body and Swole’s total assets on the balance sheet at the end of July?
Q:
When entering a promissory note in the journal as a notes receivable, each entry for a payment received includes all of the following except:
Q:
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)
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