Determine the gst and income tax consequences of each

Reference no: EM133420238

Question: The book cafe sells books and operates a cafe. TBC is registered for GST and reports on the accruals (non cash) basis each quarter. Below are TBC transactions for the June 2022 quarter. All amounts are including gst where applicable 1. Sales of books to Australian customers totalled $132,000for the quarter 2. Sales of coffee totalled $45,000 for the quarter 3. Books imported from USA cost $35,000 and shipping was $2,000 4. Purchase of books from wholesaler $38,500 5. Coffee beans and grocery $18,000 6. Salaries and wages $30,000 7. Interest paid on bank loan $6,000 8. Electricity $2,420 9. Rent $6,600 Determine the gst and income tax consequences of each of the above transactions. You must also calculate the gst payable or input tax credit available and the assessable income or allowable deduction for each of the transactions for the June 2022 quarter.

Reference no: EM133420238

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