Reference no: EM133170884
Question 1 - If a company has charged $1,500 in GST for services rendered, and has paid $1,200 in GST on goods purchased, what is the net payable/receivable for the company?
Payable $300
Receivable $1,200
Receivable $300
Payable $1,500
Question 2 - The journal entry for remitting a net GST payable balance is:
DR Cash / CR GST Receivable
DR GST Payable / CR Cash
DR GST Receivable / CR GST Payable
DR GST Receivable / CR Cash
Question 3 - On an invoice with a subtotal of $2,500, what is the expected GST on the transaction?
$225.00
$300.00
$125.00
$250.00
Question 4 - What is the threshold that if a business' revenue reaches in any year, that they must register for GST?
$45,000
$30,000
$15,000
$50,000
Question 5 - True or False: PST is typically charged on goods purchased for resale?
True
False
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