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?
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H Garrison, Eric Noreen
8th edition
1259917061, 978-1259917066
