Question
Foxwedge Pty Ltd operates a small business. Foxwedge Pty Ltd accounts for and reports GST on an accrual basis quarterly. During the June quarter the
Foxwedge Pty Ltd operates a small business. Foxwedge Pty Ltd accounts for and reports GST on an accrual basis quarterly. During the June quarter the following transactions occurred. Required: Complete the GST Calculation Worksheet for Foxwedges June quarter BAS. All amounts include GST where applicable. Receipts ($) Sale of goods 201700 Export sales 11750 GST-free sales 5300 Commercial rent received 14500 Sale of printing equipment 21500 Bank interest received 2309 Dividends received 270 Bank loan received 310000 Payments ($) Salaries and wages 58200 Superannuation 5340 Rent of business premises 14200 General business expenses 33715 Purchase of fax machine 5240 Printing supplies 43370 Interest paid 140 Telephone bill 5460 Drawings 150000 Bank charges 620 Insurance (no stamp duty) Calculate A) amount of purchases without GST in the price B)Estimated purchases for private use or not income tax deductible for Foxwedge Pty Ltd, June quarter BAS
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