It is previously called the balance sheet., Statement of Financial Position, It is previously called the balance sheet., Statement of Financial Position, resource controlled by the company, Assets, potential to produce economic benefits, Assets, company’s right to collect or claim payment;, Receivables, obligations evidenced by a promissorry, Notes Payable, mimics the general ledger, Account form, simple list;, Report form, described as a “for the period” report, Statement of Comprehensive Income, revenue to derived from selling of goods, Sales, account used by companies that sell goods instead of, Cost of Goods Sold, Generally used by small businesses, Single step format, Highlights Gross Profit and, Multi-step format, Gross Sales/ Revenue/ Sales less returns and discounts, Net Sales, Net Sales less Cogs, Gross Profit, Beginning inventory add net purchases, Total Goods Available for Sale, TGAS less Physical count (ending inventory), Cost of Goods Sold, Inventory Account used in Perpetual Inventory system, Merchandise Inventory, Inventory account used in Periodic Inventory System, Purchases; Freight, COGS is not recorded in this inventory system., Periodic Inventory System, Cogs is available in the ledger no need to be computed., Perpetual System

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