Learn what it is, how to calculate it, and more. Before you start calculating your business's profit, you need to know your cost of goods sold. Your COGS also play a role when it comes to your balance sheet. The balance sheet for small business lists your business's inventory under current...Mar 28, 2017 · Short-term liabilities are due in less than one year, while long-term liabilities are due after a year or longer. The balance sheet is the financial statement that shows all of the assets of the company as well as all of the liabilities associated with the assets. On the balance sheet, liabilities equals assets minus stockholders' equity.