Loribet Ltd collected $9,200 of GST from its customers while it paid $8,100 of GST on its purchases. Which of the following is true?

Loribet's financial position is $1,100 higher due to net impact of collecting and paying GST Loribet's financial position is $9,200 higher due to collecting GST on its purchases

Loribet's financial position is $8,100 lower due to paying GST on its purchases

Loribet's financial position is not affected as GST is a flow through tax which will require

Loribet to pay the net balance of $1,100 to the CRA