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Ch. 16 Acct.
|cost of merchandise sold||the total original price of all merchandise sold during a fiscal period|
|gross profit on sales||the revenue remaining after cost of merchandise sold has been deducted|
|distribution of net income statement||a partnership financial statement showing net income or loss distribution to partners|
|owner's equity statement||a financial statement that summarizes the changes in owners' equity during a fiscal period|
|supporting schedule||a report prepared to give details about an item on a principal financial statement|