Question: Cash Receipts For The March 2021 Quarter Customer Receipts From Dec 2020 Sales $77,000 Other Customer Receipts $567,000 Bank Interest Received $100 Sale Of A Motor Vehicle Being Used By A Former Staff Member $8,800 (sold 1 Jan 2021), Job Keeper Government Payment $5,000 In Addition, Mark Has Invoiced $11,000 To A Client On 4 March 2021 Which Is Not …

Cash receipts for the March 2021 quarter Customer receipts from Dec 2020 sales $77,000 Other customer receipts $567,000 Bank Interest received $100 Sale of a motor vehicle being used by a former staff member $8,800 (sold 1 Jan 2021), Job keeper Government payment $5,000 In addition, Mark has invoiced $11,000 to a client on 4 March 2021 which is not due to be received until April 2021 Cash payments for the March 2021 quarter Wood and other materials purchased in Australia $230,000 Payments for materials received in Dec 2020 $5,500 Italian imported marble (amount paid to Italian company E10,000 (assume exchange rate of SA1 E06 Treight charges for marble $550 Motor vehicle fuel for personal vehicle used by Mark (not used $2,200 in the business) First aid course for staff $100 Milk for the warehouse for coffees etc $50 New equipment purchases via loan on 19 March 2021 $55,000 First-repayment of the equipment loan $450 Yearly staff function at a local restaurant (S220/head) 51100 Personal drawings taken from the business by Mark for personal $30,000 living expenses Windows In addition, Mark has invoices to suppliers to pay of $22.000 which will be paid in April 2021 “The local restaurant function would be considered minor and infrequent and be considered entertainment for the purposes of income tax, hence not tax deductible ** The Italian company did not change GST on the marble the Australian reiht company did change GST BESPM