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What is yankers enterprises assessable income

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Reference no: EM132728616

Yankers Enterprises Pty Ltd sells training course materials to organisations. The materials are imported from a United States-based course developer and on-sold for a profit.

Yankers provides you with the following information for the purposes of preparing its income tax return for the CIY:

Sales $790,000
Less; Cost of goods sold
Opening stock $120,000
Plus: purchases $610,000
Less: closing stock $150,000 $580,000
Gross profit $210,000

Problem 1: What is Yankers Enterprises' assessable income for the current income tax year?

Reference no: EM132728616

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