Question 8 (a) Who bears the freight when the terms of the sale are FOB shipping point? (b) Who bears the freight when the terms of the sale are FOB destination? Question 9 (a) If operations for an accounting period resulted in cash sales of $25,000, sales on account of $30,000, and expenses paid in cash of $50,000, did the business incur a net income or a net loss for the period? (b) What is the amount of net income or net loss? (c) If liabilities are $65,000 and owners equity is $35,000, the amount of the assets is: (d) If assets are $205,000 and owners equity is $75,000, the amount of the liabilities is: Question 11 The following balance sheet data for Lesters Company are shown below: 2011: Current Assets = $288,000; Current Liabilities = $120,000 2010: Current Assets = $171,000; Current Liabilities = $ 90,000 (a) Calculate the working capital for 2011 and 2010. (b) Calculate the current ratio for 2011 and 2010.