Question
It is the first period of fiscal year. During the period she had $400,000 in sales and collected GST of $20,000 for a total of
It is the first period of fiscal year. During the period she had $400,000 in sales and collected GST of $20,000 for a total of $420,000. follwoing business expenditure are given
| Expenditure | GST paid | PST paid | Total paid |
| Desk | 75.0 | 105.0 | 1,680.0 |
| Office supplies | 12.0 | 16.8 | 268.0 |
| Meals and entertainment | 7.5 | - | 175.0 |
Required: Calculate the GST payable using the following methods
1. Regular Method
2. Quick method - GST rate is 3.6%
3. Simplified method - ITC factor is 5/105
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
