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Yankers Enterprises Pty Ltd sells training course materials to organisations. The materials are imported from...

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Accounting

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 $690,000 Less; Cost of goods sold Opening stock $120,000 Plus: purchases $530,000 Less: closing stock $250,000 $400 000 Gross profit $290,000 What is Yankers Enterprises assessable income for the current income tax year?

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