Question: Please use below information to complete question 1 to 4. ABC Fun Park (ABC) is register for GST. Below is the list of receipts and

Please use below information to complete question 1 to 4.

ABC Fun Park (ABC) is register for GST. Below is the list of receipts and payments that ABC incurred for the period between 1 July and 30 September: 1 Gross wages paid for the quarter $7,650 2 Director's fee paid $450 3 Travel allowance provided to employees $180 4 Tax withheld from the total payments to employees $3,578 5 Total sales invoices sent out $148,500 (incl. GST). 6 Total bills received for various expenses $77,000 (incl. GST). 7 $210 Interest received from Term Deposit 8 $450 royalties received for the quarter (no GST) 8 Paid 12% interest (per annum) on an overseas non-resident loan $100,000 for current quarter. 10 Jack, one of the contractors, entered the voluntary agreements with ABC. The gross payment to Jack for the Sep 2022 quarter is $9,000. Jack does not register for GST. 11 ABC also received a bill for $1,350 from a new supplier, Joey the repairing guy, with no ABN quoted. 12 June 2022 fuel tax credits received on 28 July 2022 for $145

In addition, ABC's FBT instalment of $0 has been pre-printed at Label F1 on the business statement.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!