A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $ 374,089 494,764 775,165 107,357 317,760 246,957 56,475 300,302 586,444

A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $ 374,089 494,764 775,165 107,357 317,760 246,957 56,475 300,302 586,444

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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