Reference no: EM132649247
Question - Swanston Enterprises report GST quarterly on a cash basis. They had the following account balances (on a cash basis) for the September quarter. All amounts include GST where applicable.
ACCOUNT DETAILS Amount ($)
Commercial rent received 9,900
Residential rent received 11,000
Sales of goods 61,100
Interest received 550
Sales of services 17,000
Export sales 26,000
Wages and salaries 55,000
Stationery 6,600
Depreciation 3,000
Accounting fees 4,400
Electricity 660
Business insurance premiums 440
Interest on loan 88
Promotional expenses 1,320
Bank fees 66
Motor vehicle operating costs 1,100
Telephone 880
Council and water rates 770
Repairs to residential rental property 550
IPA subscriptions 121
Superannuation contributions 2,250
Stock purchases 13,000
Commercial rent expenses 735
Purchase of new printer 2,860
PAYG tax withheld 22,000
ATO Commissioner's Rate 2.50%
REQUIRED - Using a cash basis, complete GST Calculation worksheet and BAS for Swanston Enterprises for the quarter.
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