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gst is 10% Question 7 Total 15 marks 1) John has the following transactions for the month of February 2019. All figures include GST where
gst is 10%
Question 7 Total 15 marks 1) John has the following transactions for the month of February 2019. All figures include GST where applicable: Purchases on credit 38,300 Cash purchases 9,400 Payments to accounts payable suppliers 18,400 Cash sales 46,500 Cash collected from accounts receivable customers 37,900 dit sales 87,200 Operating expenses paid (all including GST) 17,200 Wages paid to employees 6,900 Calculate the net GST payable to the ATO for the month: (a) If the taxpayer uses the cash basis (b) If the taxpayer uses the accruals basis (10 marks) Step by Step Solution
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