Solution-Find the amount of total sales

Find the amount of total sales

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Reference no: EM132612967

Question - Gym Stores purchases and sells dumb bells and has adopted the invoice basis to account for GST and Category A of the two-monthly taxable period. The following is a summary of invoiced transactions undertaken by Gym Stores for taxable period ending 31 March 2019:

Sales in New Zealand (GST inclusive) $69,000

Export Sales (GST exclusive) $34,500

Interest received from bank $2,300

Rental income from residential property $2,760

Purchases and expenses in relation to sales in New Zealand (GST exclusive) $25,000

Purchases and expenses in relation to export sales (GST exclusive) $15,000

Rental expenses on sales office (GST exclusive) $7,000

Required - Find the amount of total sales and income to be included in the Goods and Services Tax Return?

a. $113,735

b. $103,500

c. $108,675

d. $108,560

Reference no: EM132612967

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Find the amount of total sales

Reference no: EM132612967

Reference no: EM132612967

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