ACCOUNTING 211 Liberty University -ACCT 211 - EXAM 2 - KOSS fully solved rated

ACCT 211 - EXAM 2 - KOSSdays' sales uncollected - correct answer (Accounts receivable/ net sales) x 365 current ratio - correct answer current assets/ current liabilities acid test ratio - correct answer (cash and cash equivs + short term investments + current receivables)/ current liabilities current liabilities - correct answer payables and unearned rev current assets - correct answer cash, short term investments, a/r, notes receivable, inventory, prepaids how many entries do you make when you sell something? - correct answer two 1. a/r sales 2. COGS inventory gross profit - correct answer net sales - COGS what affects equity - correct answer revenue or sale, expenses, retained earnings (sales - expenses), stock, dividends FOB Shipping point - correct answer - I take possession of item when its on the sellers dock -I have to figure out how to get it - included in inventory