Vocab
Money your business owes to another business
Accounts Payable
(Cash + Receivables)/ Current Liabilities
Quick Ratio
What does n mean in 2/10, n/30
Net - total amount due
No profit, no loss
Break-Even Point
Money or property that has any worth to your business
Assets
Fixed Costs/Selling Price - Variable Cost
Break-Even Point
Last day of discount for invoice dated Aug 4 if terms are 2/10, n/30
August 14
Money owed to a business
Accounts Receivable
Gross profit minus expenses
Current Assets/Current Liabilities
Current Ratio
Last day for cash discount if terms are 5/10. n/30 Invoice dated July 5
July 15
Assets minus liabilities
Capital
A statement showing the assets, liabilities, and capital
Balance Sheet
Annual Sales/365
Average Daily Sales
First discount percent in 3/10, n/20
3%
Goods in the sales area and in the stockroom
Inventory
Assets that can be quickly converted to cash
Liquid
Sales - Returns
Net Sales
End of Month
Suggested Retail Price
List Price