I corrected that for you. Between the liquid damage and physical damage caused by dropping the phone I don't see how you can dismiss the fact that it is very likely that it stopped working because of the damaged caused by the OP.
Although a lot of you are right saying that liquid damage can take it's toll anytime corroding connectors or the circuit board, the assumption of failure due to liquid damage can't really be finalized until we know how bad the liquid damage was. Was the phone in water so long it turned itself off, or was it in there for a split second? What kind of water/liquid was it?