Question
For accounting purpose in Income statement 2019 Opening stock : $16,088 Purchase: $426,045 Closing stock: ($22,040) Total Cost of Good Sold: $420,093 However, the unit
For accounting purpose in Income statement 2019
Opening stock : $16,088
Purchase: $426,045
Closing stock: ($22,040)
Total Cost of Good Sold: $420,093
However, the unit trust is small business entity and they apply Simplified trading stock rules for tax purpose. The difference between closing stock and opening stock is $5,952
How to record the amount of cost of sale expense in the Trust tax return 2019?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Hospitality Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
2nd Edition
9780470598092, 470083603, 978-0470083604
