Question
Oscar runs a fast food van which sells a variety of doughnuts and sweet treats. For the quarter ended 30 June 2018 Oscar has the
Oscar runs a fast food van which sells a variety of doughnuts and sweet treats.
For the quarter ended 30 June 2018 Oscar has the following sales (exclusive of GST):
$
Sales of food 154,000
Sales of cool drinks 8,900
Expenses (exclusive of GST)
Purchase of food materials to make the doughnuts 3,300
Purchase of cool drinks 1,500
Purchase of new doughnut machine 15,400
Wages to part-time staff 7,000
Interest on loan used to purchase new machine 990
Telephone expenses 1,500
Required:
Calculate Oscars GST payable or refundable for the quarter. Oscar also had a residential property from which he received rent of $10,000, exclusive of GST and paid management fees of $1,100 and repairs of $550, both of which included GST for the quarter.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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