ACC201 Test 2 Formulas
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Last updated 5:25 PM on 10/15/26
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17 Terms
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Assets
Liabilities + Stockholders’ Equity
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Bank balance adjusted
Bank balance + Deposits in transit − Outstanding checks ± Bank errors
3
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Book (company) balance adjusted
Book balance + Collections by bank + Interest earned − Bank fees − NSF checks ± Book errors
(At reconciliation you set adjusted bank balance
(At reconciliation you set adjusted bank balance
4
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Net Sales
Gross Sales − Sales Returns and Allowances − Sales Discounts
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Accounts Receivable (net)
Gross Accounts Receivable − Allowance for Doubtful Accounts
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COGS
Beginning Inventory + Purchases − Ending Inventory
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Gross Profit (or Gross Margin)
Net Sales − COGS
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Retained Earnings ending
Retained Earnings beginning + Net Income − Dividend
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10
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Inventory Turnover
Cost of Goods Sold / Average Inventory
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Average Inventory
(Beginning Inventory + Ending Inventory) / 2 (for periodic/simple problems)
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Days to Sell Inventory (also called Days in Inventory or Inventory Days)
365 / Inventory Turnover
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Receivables Turnover
Net Credit Sales / Average Accounts Receivable
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Average Accounts Receivable
(Beginning AR + Ending AR) / 2
15
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Days Sales Outstanding (DSO)
365 / Receivables Turnover
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Gross Profit Margin
Gross Profit / Net Sales, where Gross Profit
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Return on Assets
Net Income / Average Total Assets