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Ledecky and Sons is a business registered for GST, and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the
Ledecky and Sons is a business registered for GST, and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the quarter ending 30th June 2021, Ledecky and Sons recorded the following transactions. Made $171,776 sales on credit Provided $200,354 worth of services to customers on cash basis Purchased a van for $53,900 to deliver inventory Paid $44,440 for various operating expenses (not including wages) Paid net wages $90,550 Withheld PAYG amounted to $37,770 Purchased $96,987 worth of inventory Paid $13,500 interest on the bank loan for the April to June quarter Note: the above amounts include GST where appropriate Additional information: GST Paid, GST Collected and PAYG Withheld accounts commenced 1st April 2021 with $0 balances. Required: Calculate total GST Paid, GST Collected, PAYG Withheld, and the Net Amount Payable/Refundable for the April to June quarter of 2021. (4 marks)
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