S-Corp sold all of their inventory for the value listed in the balance sheet. The sale was recorded as a debit to cash and credit to Current Assets-Inventory to zero out the balance sheet - there was no gain and no entry on the P&L. However, when I input into Turbo tax the beginning inventory and then $0 for the ending inventory, it adjusts my profit/loss number on my P&L. Should the sale of the inventory flow through my P&L?
Any help will be much appreciated.
