It is the first period of fiscal year. During the period she had $400,000 in sales...

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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 Desk Office supplies GST PST paid paid 75.0 12.0 Total paid 105.0 1,680.0 Meals and entertainment 7.5 16.8 268.0 175.0 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 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 Desk Office supplies GST PST paid paid 75.0 12.0 Total paid 105.0 1,680.0 Meals and entertainment 7.5 16.8 268.0 175.0 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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