Question
Need help on this question, Australia tax law for 2019/20 Jack Ramjet owns a clothing store in Melbourne. The following transactions occurred in the September
Need help on this question, Australia tax law for 2019/20
Jack Ramjet owns a clothing store in Melbourne. The following transactions occurred in the September 2019 quarter:
All applicable transactions include GST.
Cash sales $ 65000 Credit sales (accounts receivable customers) $ 120000 Collections of accounts receivables $ 90000 Cash purchases $ 50000 Credit purchases (accounts payable customers) $ 55000 Payment of accounts payables $ 68000 Wages paid to employees $ 24000 Interest received $ 200 Interest paid $ 1200
Calculate the GST payable for the September quarter:
Cash Basis:
Accrual Basis:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the Goods and Services Tax GST payable for the September quarter for Jack Ramjets cloth...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started