Question
What do I do with closing inventory when customer closed her business?
I have a customer who closed her business in 2020. She had opening inventory of $5000. I know the closing inventory should be zero but am confused on what I do with the inventory amount. Is it considered her personal property and sold to her or does she have a loss of $5000? If it makes any difference she is an artist with no sales or expenses in 2020.
