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Question - 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 $90,000
Less; Cost of goods sold
Opening stock $10,000
Plus: purchases $60,000
Less: closing stock $40,000 $30,000
Gross profit $60,000
Required - What is Yankers Enterprises' assessable income for the current income tax year?
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