SEC 10-K Terra Tech Company balance sheet (statement of position) and income statement (statement of earnings) has an inventory reported on the balance sheet and Cost of Goods Sold reported on the income statements.

What is the inventory sold, what two transactions occur?:revenues (sales) are recorded, and inventory is used up to become an expense.What are the two journal entries that are recorded:

DRCash (or accounts receivable if on account)

CRSales

(to record sales revenues earned)

DRCost of Goods Sold

CR Inventory

(What is the recorded inventory that is the expense of the sale)

What key profit factors are learned from this journal entry?

How do you provide a summary of the accounting concepts?What are the key points to understanding the SEC 10-K

Why do companies go through a closing process? What accounts are closed in that process?Are they really closed and 'erased' from the accounting system?

What does a system of internal controls achieve?

https://www.sec.gov/Archives/edgar/data/1451512/000147793219000995/trtc_10k.htm